The Financial Reporting Working Group of Irish Funds has prepared a paper that highlights the differences between International Financial Reporting Standards as adopted by the European Union (IFRS) and the recently developed FRS 102 (the New Irish GAAP) as they apply to investment funds. The paper focuses on the main differences between the two GAAPs as they relate to valuation of investments, key disclosures, consolidation and revenue recognition for investment funds. This may assist Irish investment funds in deciding whether to report under IFRS or FRS 102.