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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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Tom McEvoy
Partner,
KPMG in Ireland,
Dublin
Tom has over 20 years experience in providing statutory audit and assurance services.
Emer McGrath
Head of Markets: Corporates, Government & Enterprise,
KPMG in Ireland,
Dublin
Emer has extensive experience advising both domestic and multinational clients.
Ian Nelson
Head of Banking & Capital Markets,
KPMG in Ireland,
Dublin
Ian works in Financial Services & provides regulatory, risk management and audit 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.
