Institute welcomes FRC representatives

Sep 21, 2018

Over 100 attendees representing Institute members and other stakeholders were in Chartered Accountants House last Monday (17 Sept 2018) to meet with representatives of the Financial Reporting Council (‘FRC’) and hear presentations on UK and Irish GAAP. The FRC sets accounting standards for Ireland.

 Anthony Appleton, Director of Accounting and Reporting Policy at the FRC discussed the development of FRS 102 from when it was first issued in 2013 to the most recent amendments to the standard, the Triennial review 2017 amendments.  Jenny Carter, Director of UK Accounting Standards at the FRC presented on the Triennial review 2017 amendments, highlighting in particular the changes made regarding directors’ loans to small entities; intangible assets in a business combination; investment property rented to another group entity; classification of basic financial instruments; and the definition of a financial institution, and also looked at what’s next in terms of changes to the standards.

The FRC presentation was accompanied by a presentation by Eimear McGrath from KPMG and Barbara McCormack from Chartered Accountants Ireland on the key financial reporting requirements of the small and micro companies regimes in the Republic of Ireland.

The event was chaired by Terry O’Rourke, chair of the Institute’s Accounting Committee.