Financial Reporting FAQs

Welcome to the Institute’s Financial Reporting FAQs page. We hope that the FAQs below will help you to navigate the Financial Reporting Section of the Technical Hub and find the information that you are looking for.

1. How do I access the IASB standards (IFRSs and IASs)?
2. Where can I find out about the status of the EU and UK endorsement of IFRS/IAS?
3. How do I access the FRC accounting standards?
4. What are FRC Staff factsheets?
5. What is a SORP?
6. I’d like to find out about preparing financial statements under the small and micro companies regimes in the Republic of Ireland – is there any guidance available?
7. Is there any information available on the website regarding the European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019?
8. Is there any information available regarding the European sustainability reporting standards (ESRS)?

1. How do I access the IASB standards (IFRSs and IASs)?

   The IFRS Foundation provides free access (through Basic registration) to the PDF and html files of the current year's consolidated IFRS® Standards and IFRIC® Interpretations (Part A of the Issued Standards—the Red Book), the Conceptual Framework for Financial Reporting and IFRS Practice Statements. It does not include access to accompanying documents (Illustrative Examples, Implementation Guidance and Basis for Conclusions), the Required Standards or the Annotated versions. To access the unaccompanied standards, you will need to become a registered user in order to access the free documents. Once registered, and logged in, you will be able to access the free content, including the unaccompanied standards, on the IFRS Foundation website.

   The full standards with all accompanying documents are available for IFRS Digital subscribers. The IFRS Digital Subscription includes access to the full text, the online equivalent of the printed Required Standards, Issued Standards and Annotated IFRS Standards books, of the most up-to-date versions of all current IFRS Standards, IAS Standards, IFRIC and SIC Interpretations and IASB-issued supporting documents - application guidance, Illustrative Examples, Implementation Guidance, Bases for Conclusions and all appendices. Find out more about what is available through this subscription, and the cost, from the IFRS shop. The Institute has agreed a discounted rate for this service with the IFRS Foundation for members of Chartered Accountants Ireland. So if you wish to avail of the service at a 50% discount, please first complete the request a discount form to use when placing your order. Once you have the discount code, you can use it when placing your order.

   For information, the old eIFRS website was replaced in 2021 by the IFRS Standards Navigator. The IFRS Standards Navigator is the search and navigation tool which allows you to access and navigate the Standards and related materials on the IFRS Foundation website.

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2. Where can I find out about the status of the EU and UK endorsement of IFRS/IAS?

   Our IFRS page in the Technical Hub provides some information on the endorsement process in the EU and UK, with links to relevant websites where readers can access more information and find the latest versions of the EU endorsement status report and the UK adoption status report.

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3. How do I access the FRC accounting standards

   The Financial Reporting Council (FRC) in the UK is the accounting standard setter for both Ireland and the UK.

   The current suite of FRC UK & Ireland accounting standards is made up of:

   • FRS 100 Application of Financial Reporting Requirements
   • FRS 101 Reduced Disclosure Framework
   • FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland
   • FRS 103 Insurance Contracts
   • FRS 104 Interim Financial Reporting
   • FRS 105 The Financial Reporting Standard applicable to the Micro-entities Regime

   The standards and amendments made thereto, along with FRC Staff factsheets on aspects of FRS 102 and details of current projects by the FRC Accounting and Reporting Policy Team are available on the FRC website.

   You should be clear which version of the standard you are using including any amendments and the applicable date of same.

   Also available at the above link is the ‘Foreword to Accounting Standards’. This foreword explains the scope, authority and identification of accounting standards, issued by the FRC, for the purposes of: (a) in the UK, the Companies Act 2006 and Regulations made thereunder, and; (b) in the Republic of Ireland, the Companies Act 2014.

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4. What are FRC Staff factsheets

   In December 2018 the FRC issued a suite of staff factsheets on aspects of FRS 102, including the 2017 triennial review. The FRC note that the factsheets are intended to assist stakeholders by highlighting certain requirements of FRS 102. They include:

   • Fact Sheet 1 - FRS 102: Triennial Review 2017 Amendments
   • Fact Sheet 2 - FRS 102: Triennial Review 2017 Transition
   • Fact Sheet 3 - FRS 102: Illustrative Statement of Cash Flows
   • Fact Sheet 4 - FRS 102: Financial Instruments
   • Fact Sheet 5 - FRS 102: Property: Fair Value Measurement
   • Fact Sheet 6 - FRS 102: Business Combinations
   • Fact Sheet 7 - FRS 102: Transition to FRS 102
   • Fact Sheet 8 - FRS 102: Climate-related Matters

   These, along with previous ‘Staff Education Notes’, are available on the FRC website.

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5. What is a SORP?

   SORPs (Statements of Recommended Practice) are sector-driven recommendations on financial reporting, auditing practices and actuarial practices for specialised industries, sectors or areas of work, or which supplement FRC standards and other legal and regulatory requirements in the light of special factors prevailing or transactions undertaken in that particular industry, sector or area of work that are not addressed in FRC standards. SORPs also address matters that are addressed in FRC standards, but about which additional guidance is considered necessary.

   To be recognised as a SORP-making body, a particular industry or sectoral body must meet criteria set by the FRC and must agree to develop SORPs in accordance with the Policy on developing SORPs.

   A SORP must carry a Statement by the FRC confirming, as appropriate, that the SORP does not appear to contain any fundamental points of principle that are unacceptable in the context of current financial reporting practice, auditing practice or actuarial practice, nor does it conflict with an FRC standard or undermine the FRC’s broader objectives.

   Current and previous versions of SORPs are generally available from the relevant SORP-making body. Users should ensure that they are using the correct version of the relevant SORP.  

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6. I’d like to find out about preparing financial statements under the small and micro companies regimes in the Republic of Ireland – is there any guidance available?

   In August 2018, the Institute published Technical Release (TR) 04/2018 ‘Companies Act 2014 – Small and micro companies • Statutory Financial Statements • Directors’ Reports • Abridged Financial Statements’. The Companies (Accounting) Act 2017 (‘CA 2017’) made a range of amendments to the accounting and filing requirements of the Companies Act 2014. This Technical Release is intended as a signpost to assist with the preparation of statutory financial statements of small and micro companies. CA 2017 reduced the number of disclosure requirements for small and micro companies compared with larger companies. The Technical Release discusses these disclosures and also highlights some key aspects of the revised legal requirements regarding directors’ reports and abridged financial statements applying to small and micro companies.

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7. Is there any information available on the website regarding the European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019?

   The European Union (Qualifying Partnerships: Accounting and Auditing) Regulations 2019 (S.I. No. 597 of 2019) (‘the Regulations’).

   The purpose of the Regulations is to give further effect to the transposed provisions of Directive 2013/34/EU of the European Parliament and of the Council of 26 June 2013 on the annual financial statements, consolidated financial statements and related reports of certain types of undertakings (the Accounting Directive) to partnerships and limited partnerships where Article 1(1)(b) of that Directive requires it. The Regulations revoke the European Communities (Accounts) Regulations 1993 (S.I. 396 of 1996).

   ‘The 2019 Partnerships Regulations’, an article by Eimear McGrath from KPMG in the April 2020 issue of Accountancy Ireland explores some of the key impacts of the Regulations and asks to what extent they will widen the financial reporting and filing obligations for partnerships.

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8. Is there any information available regarding the European sustainability reporting standards (ESRS)?

   With effect from 1 January 2024, certain companies in Europe are "in-scope" for the purposes of sustainability reporting under the Corporate Sustainability Reporting Directive (CSRD). In subsequent years, additional cohorts of companies will also be in scope. The Commission Delegated Regulation (EU) 2023/2772 of 31 July 2023 supplementing Directive 2013/34/EU of the European Parliament and of the Council as regards sustainability reporting standards is linked above and this contains the European Sustainability Reporting Standards which companies who are in-scope will be required to report under. 

   The Corporate Sustainability Reporting Directive entered into force on 5 January 2023, following approval at the European Parliament and EU Member States, including Ireland, were required to transpose this into local legislation within 18 months. On July 5th 2024, Minister Peter Burke signed into law S.I. No. 336/2024 European Union (Corporate Sustainability Reporting) Regulations 2024. The Regulations bring the CSRD into Irish law and amend Irish legislation, including the Companies Act 2014.

   The Institute has issued some Technical Alerts (TAs) relating to the CSRD and ESRS. These include TA 05/2023 - Questions and answers on the CSRD and the ESRS and TA 02/2024 CSRD Limited Assurance Engagement Letter. These are available on the Institute's Technical Content section of the website (note- login required).

   The European Financial Reporting Advisory Group continues to issue some useful supplementary material in relation to the ESRS standards. These take several forms and are intended to assist stakeholders in the application of the standards. The guidance includes;
   • Implementation guidance material
   • A Q&A platform which allows stakeholders to raise questions in relation to the ESRS
   • Educational videos addressing the standards

   This guidance is updated occasionally with new material.

    

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These pages are provided as resources and information only and nothing in these pages purports to provide professional advice or definitive legal interpretation(s) or opinion(s) on the applicable legislation or legal or other matters referred to in the pages. If the reader is in doubt on any matter in this complex area further legal or other advice must be obtained. While every reasonable care has been taken by the Institute in the preparation of these pages, we do not guarantee the accuracy or veracity of any resource, guidance, information or opinion, or the appropriateness, suitability or applicability of any practice or procedure contained therein. The Institute is not responsible for any errors or omissions or for the results obtained from the use of the resources or information contained in these pages.