New Irish GAAP - what are the options for me? | KPMG | IE

New Irish GAAP - what are the options for me?

New Irish GAAP - what are the options for me?

View the likely recommendation options for each type of company.

View the likely recommendation options for each type of company.

Who am I...? Current
position applied
Likely
recommended options

Listed group

shares traded on a regulated or secondary market

  • Group Accounts – EU-adopted IFRS
  • Subsidiaries: 
    • Irish & UK incorporated: Existing GAAP or EU-adopted IFRS or
  • Non-Irish & UK: EU-adopted IFRS or another local framework

Large privately owned (unlisted) group

operations predominantly in Ireland and UK

Large privately owned (unlisted) group

operations predominantly in Ireland and UK

  • Existing GAAP
  • Group accounts – FRS 102

Qualifying subsidiaries – FRS 102 with reduced disclosures

Large privately owned group

significant operations outside Ireland and UK

  • Group Accounts – Existing GAAP
  • Subsidiaries
    • Irish & UK incorporated
      entities: Existing GAAP


Local framework applied elsewhere as required

  • Key Choice for Irish & UK incorporated: 
    • EU-adopted IFRS for Group
      Accounts; FRS 101 for subsidiaries or
    • FRS 102 for Group Accounts
      and FRS 102 with reduced disclosures for subsidiaries


Local framework elsewhere as before

Irish or UK incorporated subsidiary of a listed plc headquartered overseas

A. Group Reporting under EU-adopted IFRS with statutory accounts prepared using either EU-adopted IFRS or Existing GAAP

B. Group Reporting under another framework (e.g. US GAAP) with statutory accounts prepared typically using existing GAAP or potentially EU-adopted IFRS

A. Group reporting under EU-adopted IFRS and FRS 101 for statutory accounts

B. Group Reporting as before with key choice in respect of statutory accounts: FRS 102, FRS 101 or EU-adopted IFRS. Reduced disclosures may apply under FRS 102

Stand-alone “micro” entity Existing GAAP (traditionally preparing abridged
accounts for filing purposes)
The Financial Reporting Standard for Smaller Entities
(“FRSSE”)

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