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IFRS for SME's

  • 30-11-2013 7:19pm
    #1
    Boomtownrat81
    Registered Users, Registered Users 2 Posts: 56 ✭✭


    Hello,
    What is the situation regarding the above?
    Is there a final date set in stone that all Irish SME's have to have adopted this by?
    Does it encompass all businesses irrespective of size? - ie will Joe the plumbers sole trader accounts have to be prepared on this basis?
    Cheers


Comments

  • #2
    Boomtownrat81
    Registered Users, Registered Users 2 Posts: 56 ✭✭Boomtownrat81


    Anyone??


  • #3
    Boomtownrat81
    Registered Users, Registered Users 2 Posts: 56 ✭✭Boomtownrat81


    Boomtownrat81 wrote: »
    Anyone??

    Seriously like, does anyone have an answer for me please??????


  • #4
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,760 ✭✭✭✭Marcusm


    Maybe apply yourself to some research rather than solely asking other people - what obligation exists for Joe the plumber sole trader to prepare accounts at the moment? Answer, none. Accordingly, why would that position change irrespective of the evolution of IFRS for SMEs? Joe the plumber has to prepare accounts for his bank and for Revenue. I would seriously doubt that there would be any significant difference.

    To the extent that you are dealing with entities (such as companies) required to prepare accounts, 2 seconds of googling would lead you to the following statement from PwC which indicates that the new UK/Ireland FRS which is based on IFRS for SMEs will be applicable for reporting periods beginning on or after 1 January 2015.

    http://www.pwc.ie/ifrsforsme/


  • #5
    Boomtownrat81
    Registered Users, Registered Users 2 Posts: 56 ✭✭Boomtownrat81


    Marcusm wrote: »
    Maybe apply yourself to some research rather than solely asking other people - what obligation exists for Joe the plumber sole trader to prepare accounts at the moment? Answer, none. Accordingly, why would that position change irrespective of the evolution of IFRS for SMEs? Joe the plumber has to prepare accounts for his bank and for Revenue. I would seriously doubt that there would be any significant difference.

    To the extent that you are dealing with entities (such as companies) required to prepare accounts, 2 seconds of googling would lead you to the following statement from PwC which indicates that the new UK/Ireland FRS which is based on IFRS for SMEs will be applicable for reporting periods beginning on or after 1 January 2015.

    http://www.pwc.ie/ifrsforsme/

    Lol thanks for that.


  • #6
    Marcusm
    Registered Users, Registered Users 2 Posts: 10,760 ✭✭✭✭Marcusm


    I guess I shouldn't have bothered.


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  • #7
    Boomtownrat81
    Registered Users, Registered Users 2 Posts: 56 ✭✭Boomtownrat81


    Marcusm wrote: »
    I guess I shouldn't have bothered.

    Marcusm thank you for taking the time out to answer my post.
    I put the lol as I just felt I didn't require a reprimand for my opening post.

    Anyway, thanks for the link it was very good.

    However, I am still a bit perplexed. As the FRC have now brought out their own FRS for SME's to be implemented by companies from 2015 how does this fit with the IFRS for SME's? Can either be chosen?

    Thanks, and ps I work in Industry in a specialised field so I am not up to speed as much as I should be so help appreciated.


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