Irish and UK GAAP

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.

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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