Financial Reporting

The introduction of the FRC’s New GAAP framework, heralds the biggest change in financial reporting standards for 40 years. For financial accounting periods commencing on or after 1 January 2015, the old Irish and UK Accounting Standards (SSAP’s and FRS’s) will be replaced by the new FRS regime.

WENTWORTH will ensure you stay ahead of standard-setting developments like this. We can help you understand the implications of accounting changes and the wider challenges of adopting the new reporting standards. Our in-house financial reporting specialists are always on hand to provide you with expert accounting advice.

We can assist with;

Planning the transition to FRS
Fair value measurement
Disclosure requirements
Transitional options
Impact on reporting
Taxation implications
Commercial impacts
Systems reviews

The new FRS regime is made up of the following standards:

Application of Financial Reporting Requirements
Reduced Disclosure Framework
The Financial Reporting Standard

A number of choices are open to Irish and UK entities who currently apply the outgoing standards, SSAPs, FRSs and UITFs, the choice you take will depend on your size, complexity and structure of your company. The conversion options available are

EU IFRS
FRS 101
FRS 102
FRSSE (this is expected to be aligned with FRS 102 from 1 January 2016)

FRS 102 is relatively similar to existing Irish and UK GAAP and will be the natural choice for the majority of entities. FRS 102 is essentially IFRS for smaller entities.

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