After many years of debate, review, consultation and exposure drafts the Financial Reporting Council (formerly the Accounting Standards Board) has finally published FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland in March 2013. This new standard will replace extant Irish & UK GAAP accounting standards (i.e. SSAPs and FRSs) for accounting periods commencing on or after 1st January 2015 (with major transitional arrangements from 1st January 2014). Early planning will be critical to a smooth transition. Now is the time for all CPAs currently implementing Irish & UK GAAP to familiarise themselves with this new Standard. With this in mind CPA Ireland has produced the following Quick Reference Guide to FRS 102 encompassing FRS 100 ‘Application of Financial Reporting Requirements’ and FRS 101 ‘Reduced Disclosure framework’.

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