Accounting Standards and Technical Resources

The Accountants Resource centre is based on a fully integrated set of Audit Programmes, Working Papers & Associated Templates

The adoption of appropriate standards by a company or other reporting entity is key to proper financial reporting. Accounting Standards are issued to provide best-practice approaches to Financial Reporting. Reporting entities have a range of options from which they are required to choose, or in some cases may be mandated to choose.

IIPA Members

The Accountants Resource Centre (OmniPro ARC) is available to all Audit Practice Members and certain Accounting Practice Members of the IIPA without additional charge. It is a network of technical and practice management resources. The Accountants Resource centre is based on a fully integrated set of Audit Programmes, Working Papers & Associated Templates.

  • Fully integrated large company audit programmes and audit file including templates of all working papers and supporting schedules
  • Fully integrated small company audit programmes and audit file including all relevant templates
  • ISQC1 Compliant Internal Control Procedures Manual that can be easily tailored to reflect the structure of firms both large and small
  • Suite of letters of engagement
  • Fully integrated accounts preparation and audit exempt files
  • Access to commonly raised issues and queries
  • Continually expanding and developing suite of resources and tools to assist accountants meet the ever changing wants and needs of clients and Institutes alike

Irish Accounting Standards

Financial Reporting Council Standards in Issue provides access to all of the Accounting Standards developed by the FRC or, previously, by the ASB currently in issue from the Financial Reporting Council in the UK. It includes recent standards including FRS101 and FRS102.

Within the Standards in Issue is “The Financial Reporting Standard applicable in the UK and Republic of Ireland“. This standard will apply to almost all entities in Ireland and is mandatory for accounting periods beginning on or after 1 January 2015.

Although not traditionally of widespread use in Ireland, the Financial Reporting Standard for Small Entities (FRSSE) is available for adoption for small entities. Entities that adopt the FRSSE along with FRS 100 – Application of Financial Reporting Requirements are exempt from having to comply with an of the other Financial Reporting Standards.

International Accounting Standards

IFRS Foundation/International Accounting Standards Board Standards in Issue

You will need to register for a free account to view these standards, and they will try to sell you a subscription, but basic access is free. The IFRS Foundation offers free access to the current year’s consolidated unaccompanied English language Standards and official Interpretations (this includes IFRS, IAS, IFRIC and SIC*). ‘Unaccompanied’ means without the Implementation Guidance and the Basis for Conclusions.

*IAS and SIC are the Standards and Interpretations created by the predecessors of the IASB and the IFRS Interpretations Committee. These had been adopted by the IASB and the IFRS Interpretations Council when they took over in 2001 and therefore form part of the body of IFRS requirements.

IFRS Foundation/International Accounting Standards Board Technical Summaries

The text of each technical summary is extracted from the corresponding IFRS and its introduction, with minor adaptations to keep the summary succinct and cohesive. The 2014 technical summaries correspond to IFRS as issued at 1 January 2014, include IFRS with an effective date after 1 January 2014 but not the Standards they will replace.

Please note: you need to be an eIFRS Basic, Professional or Comprehensive user to access the technical summaries.

There is also an IFRS for SME’s and this can be downloaded for free, you can also access examples of Financial Statements and Presentation.

Alternatively, Summaries of International Accounting Standards can be found on IASPlus, a website operated by Deloitte [link:]. This site also provides interpretations of these standards.

Government Accounting Standards

Government Accounting in Ireland has not moved to accrual accounting, and by modern commercial accounting standards is quite antiquated. Many individual public sector bodies do report on an accruals basis (including Local Authorities and Commercial- and Non-Commercial State Sponsored Bodied) but central government is largely still cash based with some “adjustment” to make the end product look more like accrual accounts.

Department of Public Enterprise and Reform – Government Accounting

The goal of the Government Accounting website is to provide easy access to information in relation to financial management and accounting guidance for the central government area. The website consists of three main areas; Accounting; Internal Audit including Audit Committee Guidance; and Risk Management.

International Public Sector Accounting Standards Board – 2014 Handbook of International Public Sector Accounting Pronouncements

The International Public Sector Accounting Standards Board (IPSASB) develops International Public Sector Accounting StandardsTM (IPSASs) (accrual-based standards). Through these standards, the IPSASB aims to enhance the quality, consistency, and transparency of public sector financial reporting worldwide. The Handbook contains the complete set of the IPSASB pronouncements on iPSASs. It also includes Recommended Practice Guidelines.

Accounting Standards In The United States

Financial Accounting Standards Board – US GAAP

This site provides access to the Generally Accepted Accountancy Principals for the United States. There is free access to the “Basic” version of the standards (click the “Select” button under the “Basic View” and register).

PWC – IFRS and US GAAP: Similarities and Differences

The 2014 edition of IFRS and US GAAP: similarities and differences again highlights the critical need to be financially “bilingual” in the US. Recent estimates suggest that over $7 trillion of US capital is invested in securities of non-US companies, many of whom are IFRS preparers.