Accounting Standards and Guidance

FRC Financial Reporting Standards (FRSs)

UK/Irish accounting framework (effective for periods beginning on or after 1 Jan 2015)

FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland

Appendix IV – Republic of Ireland legal references

Introduction

A4.1

The table below outlines the provisions in the Companies Act 2014 corresponding to the provisions of the UK Companies Act 2006 (the Act) and the UK Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (the Regulations) (SI 2008/410) referred to in this FRS, unless the UK legal reference in this FRS is already footnoted with an Irish reference, or written separately in an Irish context59. References to the Companies Act 2014 in this FRS, including in this appendix, are to the Companies Act 2014, as amended by the Companies (Accounting) Act 2017 and the Companies (Amendment) Act 2017.

Company law is structured differently in the two jurisdictions. The Companies Act 2014 consists of 2660 'Parts' such that:

Parts 1 to 14 (along with the relevant Schedules) apply to private companies limited by shares (LTDs);

Parts 16 to 24 cover the other types of companies under the Companies Act 2014 – eg designated activity companies (DACs), public limited companies (PLCs), and companies limited by guarantee (CLGs); and

Parts 15, 25 and 26 cover Functions of the Registrar and of Regulatory and Advisory Bodies; Miscellaneous provisions; and reports on Payments to Governments, respectively.

The provisions of Parts 1 to 14 also apply to the other types of companies, unless disapplied or modified by the relevant Part (eg Part 16 for DACs). References in the text of this FRS, including in the table below, are to the primary source of requirements in Parts 1 to 14 of, and the relevant Schedules to, the Companies Act 2014 as pertaining to a private company limited by shares. For other company types, reference should be made to the relevant Part of the Companies Act 2014 as applicable.

A4.2

General references are made in this FRS to UK legislation such as the 'Companies Act 2006', 'the Companies Act', 'the Act', 'The Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations, 2008 (SI 2008/410)', 'the Regulations', 'The Companies, Partnerships and Groups (Accounts and Reports) Regulations 2015 (SI 2015/980)', 'The Small Companies Regulations' and 'the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 (SI 2008/409)'. In an Irish context reference should be made to the relevant sections and paragraphs of Irish company law. Such general references are not dealt with in the table below. References in the text to 'IAS accounts' are equivalent to 'IFRS financial statements' in Irish company law.

For the purposes of the table below, where general references are made in the text of this FRS to Schedules to the Regulations, the approach taken is that the corresponding Schedule to the Companies Act 2014 is referenced. For example, the corresponding reference used for Schedule 1 to the Regulations is Schedule 3 to the Companies Act 2014 (Accounting principles, form and content of entity financial statements). Likewise, the corresponding Irish references used for Schedule 2 and for Schedule 3 to the Regulations are the following, respectively:

the European Union (Credit Institutions: Financial Statements) Regulations 2015 (S.I. No. 266 of 2015) (Credit Institutions Regulations 2015); and

the European Union (Insurance Undertakings: Financial Statements) Regulations 2015 (S.I. No. 262 of 2015), as amended by the European Union (Insurance Undertakings: Financial Statements) (Amendment) Regulations 2016 (S.I. No. 213 of 2016) (Insurance Undertakings Regulations 2015 (as amended)).

Similar to the approach noted in paragraph A3.3 of Appendix III of this FRS, where reference is made in this Appendix to Schedule 3 to the Companies Act 2014, Irish entities applying the Credit Institutions Regulations 2015, the Insurance Undertakings Regulations 2015 (as amended) or Schedule 4 to the Companies Act 2014 should read the references as referring to the corresponding paragraphs in those regulations or that Schedule where applicable. Small entities applying the small companies regime should read them as referring to the corresponding paragraph in Schedule 3A (Accounting principles, form and content of entity financial statements of a company qualifying for the small companies regime) or Schedule 4A (Accounting principles, form and content of group financial statements for companies subject to the small companies regime) to the Companies Act 2014, where applicable. The requirements of Schedule 3 to the Companies Act 2014 are not necessarily the same as those contained in the Credit Institutions Regulations 2015 or in the Insurance Undertakings Regulations 2015 (as amended) in all cases. References should be made to the specific requirement as appropriate.

Note: Schedule 6 to the [UK] Regulations contains group financial statements requirements for all entities, including credit institutions and insurance undertakings. For Irish credit institutions and insurance undertakings, reference should be made to the Credit Institutions Regulations 2015 and the Insurance Undertakings Regulations 2015 (as amended), respectively.

A4.3	The following Irish legislation is also referenced in the table below:

The Building Societies Act, 1989;

The Charities Act 2009;

The Friendly Societies (Amendment) Act, 1977;

The Friendly Societies Regulations, 1988 – S.I. No. 74 of 1988;

The Industrial and Provident Societies (Amendment) Act, 1978;

The Pensions Act, 1990;

The Occupational Pension Schemes (Disclosure of Information) Regulations, 2006 – S.I. No. 301 of 2006;

The Central Bank Act, 1971;

The Credit Union Acts 1997 to 2012; and

The Friendly Societies Acts 1896 to 2014.

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