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“Irish companies are set to discard the UK accounting rules they have been moored to for decades and adopt an international accounting code - the so called IFRS - for small and medium sized businesses,” says BusinessWorld. Are you one of them? Quoted companies already use IFRS, but so called “Non public Interest” or unquoted companies will have to adapt IFRS for SME in 2012/2013. Reported profits will be different under the new rules, for some businesses it will be higher and some lower; it depends on what business the company is undertaking, explained Aidan Clifford, ACCA's (Association of Chartered Certified Accountants) Advisory Services manager. For example, a company with a lot of intellectual property will have a different affect on their profi
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These days, trust, credit and cash flow are all in short supply in the corporate world. Smaller enterprises have been affected in particular by the breakdown in financial connections Firms can do themselves a big favour with their suppliers and financiers where they can prove to everyone's satsifaction that their accounts present a full and fair picture of the state of the Company. Writing recently in Finance Dublin, Brendan Sheridan of Deloittes observes that "disclosures should be more detailed than in times of economic growth." He notes that the UK Financial Reporting Review Panel recently reviewed 326 financial statements. It found that "the current stan
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