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FRS 102 Summary – Section 1 – Scope

Section 1: Scope Summary                                                          Section 1 deals with the scope of FRS 102 and the exemptions which can be claimed. What are the key points to note? FRS 102 is available for use by unlisted groups and listed or unlisted...

Irish Accountants Pay the Price Again

From 1st of January 2016 Irish accountants and their clients embrace the new financial reporting framework that now prevails. The old Statements of Standard Accounting Practice and Financial Reporting Standards that have served us well over 40 years give way to the...

FRS 102 Summary – Section 13 – Inventories

Section 13 – Inventories Summary Inventories are defined as assets: held for sale in the ordinary course of business in the process of production for such sale; or in the form of materials or supplies to be consumed in the production process or rendering of services....

FRS 102 Summary – Section 20 – Leases

Section 20 – Leases Summary Section 20 applies to all leases, including some arrangements that do not take the legal form of a lease but convey rights to use assets in return for payments. It deals with the recognition, measurement and disclosures of operating and...

FRS 102 Summary – Section 23 – Revenue

Section 23: Revenue Summary Section 23 applies to the accounting for revenue arising from the sale of goods, rendering of services, construction contracts and the use by others of entity assets yielding interest, royalties or dividends. It does not apply to revenue or...

FRS 102 Summary – Section 29 – Income tax

Section 29: Income tax Summary Section 29 deals with the recognition, measurement and disclosure of current and deferred tax, VAT and withholding tax on dividends. What is new? Deferred tax is recognised on a timing difference plus approach and more deferred tax is...