New Irish GAAP - what other challenges will I need to consider?

What other challenges will I need to 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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