www.pwc.ie Replacing Irish GAAP Reporting Impact Assessments for FRS 101, FRS 102 and IFRS Showing you where a change of reporting standard may impact your Irish GAAP financial statements March 2015 Replacing Irish GAAP The FRC has issued FRSs 100, 101 and 102, which set out the choice of accounting framework applicable in the Republic of Ireland, replacing existing Irish GAAP standards. Our FRS 101, FRS 102 and IFRS Reporting Impact Assessments are a practical response to help you understand the potential effects of the new standards on your financial statements. The challenge 1 You apply Irish GAAP for at least some of your entity accounts Accounts prep ul you must move away from Irish GAAP. re are f 3 1 1 Full IFRS 1 You want to find out how transitioning from old Irish GAAP would affect you financial statements but would prefer not top begin by trawling through hundreds of pages... 4 Stat Accou nts You ask for your most recent Irish GAAP financial statements to be used as the basis for a Reporting Impact Assessment. Our expert knowledge of IFRS, FRS 101 and FRS 102 helps you to consider how one of the new standards would have affected your financial statements. know-how We offer this service for FRS 101, FRS 102 or IFRS 5 We produce your Reporting Impact Assessment Reporting Impact Assessment 1 Impact Assessment 1 2 2 3 3 The Reporting Impact en shows your Assessment financial statements on the left and comments, where le, on the right 6 act Imp ing ort ent Rep essm Ass …then delivers the work and discusses it with you Your engagement team does the final quality review… 7 You use the reporting impact assessment… …to focus adoption efforts… Reporting Impact Assessment 1 1 2 …future plans… 2 …and to plan how you will transition away from Irish GAAP 3 3 If you would like further information, please speak with your usual engagement team, or alternatively contact one of our team. Our details are on the next page. Contacts Irene O’Keeffe [email protected] Damian Ruttledge [email protected] www.pwc.ie This content is for general information purposes only, and should not be used as a substitute for consultation with professional advisors. © 2015 PricewaterhouseCoopers. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/ structure for further details. 04855/04794
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