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FRSME – CAI/ASB Forum 22 February 2011

FRSME – CAI/ASB Forum 22 February 2011. A Practitioner Perspective Liam McQuaid Managing Partner. FRSME Overview of Practitioner Issues. Introducing – Liam McQuaid Congratulations What I like about FRSME Some Issues with the FRSME Basic differences to the FRSSE E.U. Perspective

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FRSME – CAI/ASB Forum 22 February 2011

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  1. FRSME – CAI/ASB Forum22 February 2011 A Practitioner Perspective Liam McQuaid Managing Partner

  2. FRSMEOverview of Practitioner Issues • Introducing – Liam McQuaid • Congratulations • What I like about FRSME • Some Issues with the FRSME • Basic differences to the FRSSE • E.U. Perspective • Conclusion FRSME – CAI / ASB Forum 22/02/2011

  3. Introducing Liam McQuaid • Managing Partner - Duignan Carthy O’Neill • Chairman AGN Europe • Director AGN International – International Association of Duignan Carthy O’Neill • Member of ASB CASE Committee • Member of Accounting Committee – Chartered Accountants Ireland FRSME – CAI / ASB Forum 22/02/2011

  4. Congratulations • To ASB on FRSME “The golden rule is that there are no golden rules” George Bernard Shaw FRSME – CAI / ASB Forum 22/02/2011

  5. What I like aboutThe FRSME • It is short • Topics not relevant to target user omitted • Recognition and Measurement Simplifications • Layout • User Friendly • Transition to the FRSME Exemptions FRSME – CAI / ASB Forum 22/02/2011

  6. Transition to the FRSME Exemptions • Business combinations • Share based payments transactions • Fair value and revaluation as deemed cost • Cumulative translation differences • Deferred Income Tax • Dormant companies • Impracticable option “Simplicity is the Ultimate Sophistication” Leonardo Da Vinci FRSME – CAI / ASB Forum 22/02/2011

  7. Some Issues with FRSME • Income Taxes – Too Long • Pension Funds – IFRS 7 Disclosures too much – Need SORP Update – IAS 26 • Subsidiary disclosure exemptions – Backward Step • Small Threshold Exemptions – Little Impact • Co-operatives – Fair value investments • Financial Instruments – Fair value measurement • Illustrative Financial Statements & Disclosure Checklist – Not included • Name – Consider change FRSME – CAI / ASB Forum 22/02/2011

  8. FRSME compared to the FRSSE • FRSSE is the definitive standard for smaller entities in the UK • No evidence of extensive use of FRSSE in the Republic of Ireland • Flight to the FRSSE • Increase small thresholds in ROI • Update FRSSE for measurement differences FRSME – CAI / ASB Forum 22/02/2011

  9. FRSSE & FRSME Compared FRSME – CAI / ASB Forum 22/02/2011

  10. E.U. Perspective • IFRSs E.U. approved for PLCs • IFRS for SMEs – May also be E.U. approved • Micro Entities FRSME – CAI / ASB Forum 22/02/2011

  11. Conclusion • FRSME is a courageous attempt to adopt an International Accounting ethos in UK and Irish GAAP and to simplify the rules and disclosures for non-publicly accountable entities: • Deserves our support “Common sense is not so common ” Voltaire FRSME – CAI / ASB Forum 22/02/2011

  12. Duignan Carthy O’Neill, Chartered Accountants 84 Northumberland Road, Dublin 4 Contact: Liam McQuaid (01) 668 2404 liammcquaid@dcon.ie Website: www.dcon.ie FRSME – CAI / ASB Forum 22/02/2011

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