• Current students
      • Student centre
        Enrol on a course/exam
        My enrolments
        Exam results
        Mock exams
        Learning Hub data privacy policy
      • Course information
        Students FAQs
        Student induction
        Course enrolment information
        F2f student events
        Key dates
        Book distribution
        Timetables
        FAE elective information
      • Exams
        Exam Info: CAP1
        E-assessment information
        Exam info: CAP2
        Exam info: FAE
        Access support/reasonable accommodation
        Extenuating circumstances
        Timetables for exams & interim assessments
        Interim assessments past papers & E-Assessment mock solutions
        Committee reports & sample papers
        Information and appeals scheme
        JIEB: NI Insolvency Qualification
      • CA Diary resources
        Mentors: Getting started on the CA Diary
        CA Diary for Flexible Route FAQs
      • Admission to membership
        Joining as a reciprocal member
        Conferring dates
        Admissions FAQs
      • Support & services
        Recruitment to and transferring of training contracts
        CASSI
        Student supports and wellbeing
        Audit qualification
        Diversity and Inclusion Committee
    • Students

      View all the services available for students of the Institute

      Read More
  • Becoming a student
      • About Chartered Accountancy
        The Chartered difference
        What do Chartered Accountants do?
        5 reasons to become a Chartered Accountant
        Student benefits
        School Bootcamp
        Third Level Hub
        Study in Northern Ireland
        Events
        Blogs
        Member testimonials 2022
        Become a Chartered Accountant podcast series
      • Entry routes
        College
        Working
        Accounting Technicians
        School leavers
        Member of another body
        International student
        Flexible Route
        Training Contract
      • Course description
        CAP1
        CAP2
        FAE
        Our education offering
      • Apply
        How to apply
        Exemptions guide
        Fees & payment options
        External students
      • Training vacancies
        Training vacancies search
        Training firms list
        Large training firms
        Milkround
        Recruitment to and transferring of training contract
        Interview preparation and advice
        The rewards on qualification
        Tailoring your CV for each application
        Securing a trainee Chartered Accountant role
      • Support & services
        Becoming a student FAQs
        Who to contact for employers
        Register for a school visit
    • Becoming a
      student

      Study with us

      Read More
  • Members
      • Members Hub
        My account
        Member subscriptions
        Annual returns
        Application forms
        CPD/events
        Member services A-Z
        District societies
        Professional Standards
        Young Professionals
        Careers development
        Diversity and Inclusion Committee
      • Members in practice
        Going into practice
        Managing your practice FAQs
        Practice compliance FAQs
        Toolkits and resources
        Audit FAQs
        Other client services
        Practice Consulting services
        What's new
      • In business
        Networking and special interest groups
        Articles
      • Overseas members
        Home
        Key supports
        Tax for returning Irish members
        Networks and people
      • Public sector
        Public sector news
        Public sector presentations
      • Member benefits
        Member benefits
      • Support & services
        Letters of good standing form
        Member FAQs
        AML confidential disclosure form
        Institute Technical content
        TaxSource Total
        The Educational Requirements for the Audit Qualification
        Pocket diaries
        Thrive Hub
    • Members

      View member services

      Read More
  • Employers
      • Training organisations
        Authorise to train
        Training in business
        Manage my students
        Incentive Scheme
        Recruitment to and transferring of training contracts
        Securing and retaining the best talent
        Tips on writing a job specification
      • Training
        In-house training
        Training tickets
      • Recruitment services
        Hire a qualified Chartered Accountant
        Hire a trainee student
      • Non executive directors recruitment service
      • Support & services
        Hire members: log a job vacancy
        Firm/employers FAQs
        Training ticket FAQs
        Authorisations
        Hire a room
        Who to contact for employers
    • Employers

      Services to support your business

      Read More
☰
  • Find a firm
  • Jobs
  • Login
☰
  • Home
  • Knowledge centre
  • Professional development
  • About us
  • Shop
  • News
Search
View Cart 0 Item

Technical Hub

☰
  • Home
  • Audit and assurance
  • Financial reporting
  • Insolvency
  • Anti-money laundering
  • Other resources
  • Legislation
  • Institute technical content
  • Home/
  • Knowledge centre/
  • Technical Hub/
  • Financial reporting/
  • IFRS
☰
  • Financial reporting
  • Irish and UK GAAP
  • IFRS
  • Company Law financial reporting requirements
    • Ireland
    • UK
  • SORPs
  • Other publications & information
  • Articles
  • Financial reporting FAQs
  • FRS 102- need to know more?

International Financial Reporting Standards (IFRS)

IFRSs

International Financial Reporting Standards (IFRSs) are published by the International Accounting Standards Board (IASB).  Older standards adopted by the IASB from its predecessor body, the International Accounting Standards Committee, are known as ‘International Accounting Standards' (IASs).

The IASB is the independent standard-setting body of the IFRS Foundation. Its members are responsible for the development and publication of IFRS Standards and for approving Interpretations of IFRS Standards as developed by the IFRS Interpretations Committee (formerly IFRIC).

Access to 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. Find out more about what is available for free here. To access the unaccompanied standards, you will need to first register for a free IFRS account here. 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, here. 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 form here to request a discount code to use when placing your order. Once you have the discount code, you can use it when placing your order here.

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. Subscribers can still access the legacy eIFRS platform until the end of 2021.

EU adopted IFRS

The standards issued by IASB must go through due process of endorsement before becoming law in the EU.  More details with regard to this endorsement process, as well the up to date endorsement status of standards and interpretations issued by the IASB, are available on the European Commission's accounting webpages and the website of the European Financial Reporting Advisory Group.

UK endorsement of IAS

At the point that the UK’s Transition Period ended, legislation made under the European Union (Withdrawal) Act 2018 brings into UK law International Accounting Standards already endorsed in the EU to provide continuity.  These standards are defined as UK-adopted international accounting standards. The UK Accounting Standards Endorsement Board (UKEB) has been established to endorse and adopt new or amended IFRS into the body of UK-adopted international accounting standards after the transition period.

The UKEB was expected to be operational in early 2021, and for the intervening period, the Secretary of State had the power to adopt standards. On 21 May 2021, the Secretary of State for Business, Energy and Industrial Strategy signed ‘The International Accounting Standards (Delegation of Functions) (EU Exit) Regulations 2021’ (SI 609 of 2021), which delegate the responsibility for the adoption of international accounting standards for use within the UK from the Secretary of State to the UKEB.

The UKEB has launched a website to keep stakeholders up to date with key developments in relation to the UKEB and its work, and the latest version of the UK Adoption status report can also be found there.

A letter issued by the FRC and the Department for Business, Energy & Industrial Strategy in November 2020 setting out the UK framework for reporting at the end of the transition period, and Transitional provision guidance issued by the FRC on 23 December 2020 for preparers using IFRS, provide useful information.

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.

 

The latest news to your inbox

Useful links

  • Current students
  • Becoming a student
  • Knowledge centre
  • Shop
  • District societies

Get in touch

Dublin HQ

Chartered Accountants
House, 47-49 Pearse St,
Dublin 2, D02 YN40, Ireland

TEL: +353 1 637 7200
Belfast HQ

The Linenhall
32-38 Linenhall Street, Belfast,
Antrim, BT2 8BG, United Kingdom

TEL: +44 28 9043 5840

Connect with us

Something wrong?

Is the website not looking right/working right for you?
Browser support
CAW Footer Logo-min
GAA Footer Logo-min
CCAB-I Footer Logo-min
ABN_Logo-min

© Copyright Chartered Accountants Ireland 2020. All Rights Reserved.

☰
  • Terms & conditions
  • Privacy statement
  • Event privacy notice
  • Sitemap
LOADING...

Please wait while the page loads.