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