|Extent of IFRS application||Status||Additional Information|
|IFRS Standards are required for domestic public companies||All domestic companies whose securities trade in a regulated market are required to use IFRS Standards as adopted by the EU in their consolidated financial statements.|
|IFRS Standards are permitted but not required for domestic public companies|
|IFRS Standards are required or permitted for listings by foreign companies||IFRS Standards as adopted by the EU are required in their consolidated financial statements except that a foreign company whose home jurisdiction’s standards are deemed by the EU to be equivalent to IFRS Standards may use its home standards.|
|The IFRS for SMEs Standard is required or permitted||SMEs may use a national standard that is based on the IFRS for SMEs Standard, but with significant modifications. Alternatively they may use IFRS as adopted by the EU.|
|The IFRS for SMEs Standard is under consideration|
Chartered Accountants Ireland (CAI)
As a member state of the European Union, the Republic of Ireland is subject to EU 1606/2002 Regulation on the application of international accounting standards (IAS).
The EU IAS Regulation requires application of IFRS Standards as adopted by the EU for the consolidated financial statements of European companies whose securities trade in a regulated securities market starting in 2005. In the Republic of Ireland, this would include the Main Securities market (MSM) of the Irish Stock Exchange. The EU IAS Regulation gives member states the option to require or permit IFRS Standards as adopted by the EU in separate company financial statements (statutory accounts) of such companies and/or in the financial statements of companies whose securities do not trade in a regulated securities market. See the Profile for the European Union for more detailed information about the EU IAS Regulation.
There is one regulated market in the Republic of Ireland – the Main Securities Market (MSM) of the Irish Stock Exchange.
The Republic of Ireland has used the option under the IAS Regulation to permit optional application of IFRS Standards as adopted by the EU for all companies whose securities do not trade in a regulated market, other than companies not trading for gain (S.I. No. 116/2005 — European Communities (International Financial Reporting Standards and Miscellaneous Amendments) Regulations 2005).
Issuers on the Enterprise Securities Market (ESM) (an equity market designed for small to medium sized growth companies that is not a ‘regulated securities market’) that are incorporated in the Republic of Ireland or elsewhere in the European Economic Area (EEA) and that are parent companies are required by ESM rules to apply IFRS Standards as adopted by the EU.
Issuers on the Global Exchange Market (GEM) (a specialist debt market) that are incorporated in the Republic of Ireland or elsewhere in the European Economic Area (EEA) are permitted by GEM rules to apply IFRS Standards as adopted by the EU.
Required for some and permitted for others. Foreign companies whose securities trade in a regulated market in the Republic of Ireland (and generally in the EU) are required to report under IFRS Standards as adopted by the EU for their consolidated financial statements unless the European Commission has deemed their accounting standards to be equivalent to IFRS Standards, in which case they may use their local standards.
This is detailed on the ‘Financial Reporting’ page of the European Commission’s website.
In adopting FRS 102, the following modifications were made to the IFRS for SMEs Standard, among others:
FRS 102 may be found on the UK FRC's website.