Revenue has published a new Tax and Duty Manual which outlines the changes by Finance Act 2014, which amended the definition of “relevant accounting standards” in Schedule 17A TCA 1997.

Schedule 17A TCA 1997 provides transitional rules for tax purposes which apply when a company moves from one accounting standard to another. The amended definition of “relevant accounting standards” extends the transitional arrangements to companies that change their accounting standards to comply with up-dated Irish accounting standards (to the extent that they embody international accounting standards). The change is relevant for companies that are transitioning to “New Irish GAAP”—Financial Reporting Standard FRS 101, 102 and 103.

The new manual is available on the Revenue website.