The accounting world is changing and this will affect your business.

Current proposals from the Accounting Standards Board (ASB), would see Irish and UK GAAP as we currently know it cease to exist by 2012 and be replaced by the IASB’s IFRS for SMEs for a large number of private entities. Companies should start planning and working on the basis that the ASB will require adoption of IFRS in Ireland, either full IFRS or based on the SME standard, by 2012. The year 2012 may seem a long way off but companies should start thinking about this now.

Converting to a new accounting regime is not just an accounting issue. As well as identifying all accounting and tax differences, companies will consider the impact of moving to a new accounting regime on other areas of the business - information systems, reporting and systems, bonus or remunerations structures, pensions, banking covenants and the regulatory impact.

We are here to guide you through this new IFRS world and put your roadmap in place. The transition to IRFS can be in your control.