Thursday, 14th March, 2013: The Financial Reporting Council (‘FRC’) in the UK has today issued FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. FRS 102, in conjunction with FRS 100 and FRS 101 which were issued in November 2012, set out a new accounting framework to be applied by most Irish entities not required by law to apply IFRS.
In accordance with its statutory function of cooperating in the development of accounting standards, IAASA has observer status at the meetings of the Accounting Council of the FRC (formerly known as the ASB). IAASA also worked, in conjunction with the Institute of Chartered Accountants in Ireland, on drafting the Irish legal references required for the new standards and other such text.
Further information about the new Standards can be found here.