Taxes Consolidation Act 1997 Schedule 17A paragraph 1

Interpretation

Paragraph 1 of Schedule 17A defines the term "relevant accounting standards" for the purposes of the transitional rules that apply when a company changes the basis on which its accounts are prepared from Irish generally accepted accounting practice (GAAP) to international financial reporting standards (IFRS).

• Schedule 17A provides transitional arrangements to prevent double-counting or non-counting of profits for tax purposes when a company moves from Irish GAAP to IFRS.
• "Relevant accounting standards" means either international accounting standards (IFRS) or Irish GAAP standards that are stated to embody IFRS and produce substantially the same results as IFRS.
• For accounting periods beginning on or after 1 January 2015, the definition was extended to include Irish GAAP based on published standards to the extent that the practice embodies international accounting standards, covering transitions to FRS 102 and FRS 103.
• The transitional provisions apply only to those elements of the new Irish GAAP standards that actually embody IFRS-based standards, not to elements that continue to reflect old Irish GAAP.