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Transition exemptions
Section 35 provides no transition exemptions on adoption of Section 33. This is unlikely to be an issue as Section 33 is very similar to old GAAP (FRS 8). The only differences between old GAAP and Section 33 are:
- Section 33.10 requires related party transactions to be disclosed separately for each of the below categories whereas old Irish GAAP allowed these to be aggregated:
- entities with control, joint control or significant influence;
- Entities over which the entity has control or significant influence;
- Key management personnel of the entity or its parent (in aggregate); and
- Other related parties.
- Section 33 requires the disclosure for pension contributions paid into a pension fund. There was no such requirement under old Irish GAAP (FRS 8) however it was required under FRS 17 so it would have been disclosed in any event.
- Section 33 requires disclosure of key management personnel compensation in total. This is in addition to the requirements of Company Law in relation to directors’ remuneration.
- The section also provides no exemption on the grounds of confidentiality. Under old GAAP, disclosure was not required on the basis of confidentiality which was imposed by statute or company law.
- Section 33.11 provides an exemption from disclosure about related party transactions with a related party that is a state.
Principal transition adjustments
Section 33 is a disclosure standard so no transition adjustments will be required.
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