FRS 102 is the new Financial Reporting Standard applicable in the UK and Ireland. This single accounting standard replaces existing Irish Generally Accepted Accounting Practice (‘GAAP’) for accounting periods that commence on or after 1 January 2015. For all Credit Unions in the Republic of Ireland this means that the financial statements for the year commencing on 1 October 2015, and ending on 30 September 2016, will be required to be fully compliant with FRS 102, and therefore reflect the relevant measurement and presentation differences. The comparative figures within these financial statements, i.e. as at 30 September 2015, will also need to be restated in accordance with FRS 102 rules. Read more…