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FRC publishes new accounting standard applicable in the UK and Ireland

The UK Financial Reporting Council (‘FRC’) has today published FRS 104 “Interim Financial Reporting”. FRS 104 replaces the Accounting Standards Board (‘ASB’) Statement “Half-yearly Financial Reports” which was issued in 2007 and the ASB’s Statement “Preliminary Announcements” which was published in 1998.

From an Irish perspective FRS 104 is obligatory for Irish issuers who don’t apply EU-adopted IFRS and are required by the Transparency Regulations 2007 to prepare interim/half yearly financial reports. In Ireland, this primarily affects Fund and Debt issuers. For such issuers, the preparation of their interim/half yearly financial reports in 2015 will be the first time to apply the new UK and Irish GAAP.  FRS 104 is effective for interim periods commencing on or after 1 January 2015 with earlier application permitted.

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 worked on the drafting of the Irish legal references required for the new standard.

Further information about the new Standard can be found here