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New Irish GAAP - what other challenges should I consider?
What other challenges should I consider?
Adopting New GAAP will challenge all businesses in ways which reach beyond basic financial reporting matters.
Adopting New GAAP will challenge all businesses.
1. Commercial considerations
- Cash tax impact – taxable profits may be increased (for example, as result of recognising fair value movements as part of reported earnings)
- Existing tax planning strategies may need to be reassessed
- Distributable profits and dividend policy may be affected
- Debt agreements or facilities may be impacted, particularly with respect to covenants
- Other agreements – leases, remuneration and bonus structures
- Internal management reporting and business measurement metrics may need to be realigned
- Acquisition strategies may be impacted.
2. People considerations
- Develop and execute training plans
- Knowledge transfer.
3. Systems, Processes and Controls
- Identify information gaps, particularly in respect of new required disclosures or key measurement changes
- Identify new system needs
- Consider need for new chart of accounts
- iXBRL tagging requirements for new accounts
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Contact us
Tom McEvoy
Partner,
KPMG in Ireland,
Dublin
Tom McEvoy has extensive experience providing global audit and advisory services.
Emer McGrath
Partner,
KPMG in Ireland,
Dublin
Emer has extensive experience advising both domestic and multinational clients.
Ian Nelson
Partner,
KPMG in Ireland,
Dublin
Ian works in the Financial Services sector providing audit, regulatory & risk services.
Colm O'Se
Partner,
KPMG in Ireland,
Dublin
Colm has over 18 years providing audit and advisory services to a wide range of clients.
