Financial Reporting Brief - April 2014

Read accounting and regulatory updates: April 2014 edition


Auditor voices and views from the European Union

Deloitte audit partners share their personal perspectives on the auditing profession


IAS Plus

A comprehensive source of global accounting news


2012 Global Financial Services Industry Security Study

Breaking barriers


Revised proposals on accounting for leases and insurance contracts

Read our July 2013 financial reporting brief for commentary on accounting and regulatory developments during the second quarter of 2013


The new Irish GAAP

Read our March 2013 special edition financial reporting brief to learn more about FRS 102 Ireland – The Financial Reporting Standard applicable in the UK and Republic of Ireland that will replace the current Irish GAAP


Fair value measurement under IFRS 13

A look at the practical aspects of change in the guidance on fair value measurement


Credit risk in fair value measurement

Understanding the credit risk associated with financial instruments



Financial reporting advisory

Support throughout the business lifecycle

The need for financial reporting advice is often driven by wider concerns, such as mergers and acquisitions, IPOs, significant system changes and new products or business strategies. We provide practical and commercially astute technical accounting and financial reporting advice to our clients.

How we can help

Financial Reporting Advisory solutions | Deloitte Ireland | Audit

The financial reporting challenge is driven by developments in International Financial Reporting Standards (IFRS), with significant changes across many areas. Key topics in the pipeline include financial instruments, revenue recognition, leasing and insurance with the IASB currently considering its future direction and strategy. New financial reporting standards published by the Financial Reporting Council, and mandatory from 2015, will lead to major change for Irish GAAP reporters, and a reporting structure affording the possibility of major benefits for IFRS qualifying entities.  The new standards may be adopted early from 2013 onwards.

We provide seamless project support, incorporating technical accounting and financial reporting advice to our clients that is practical and commercially astute. Our services include:

  • GAAP transition
  • Emerging financial accounting services
  • Financial instruments advisory
  • Tax accounting
  • Training on financial reporting
Financial Reporting Advisory solutions | Deloitte Ireland | Audit

GAAP transition
IFRS conversion requires thorough understanding and application knowledge of the IFRS.  Deloitte has developed a three-phased approach to assist entities in the move to IFRS:

Assess - Determines the business case and future state vision for IFRS adoption. This phase involves assessing an entity’s technical accounting, tax, valuation and supporting processes and  infrastructures. The information is then used to formulate an implementation plan.

Convert - Performs a comprehensive IFRS conversion. This phase involves performing the technical accounting and tax conversion, designing supporting processes and infrastructures, and developing an organisation and change management strategy.

Sustain - Supports continued IFRS reporting and performs the knowledge transfer. This phase involves implementing the supporting processes and infrastructures, executing change management activities, and completing the knowledge and capability transfer.

Financial Reporting Advisory solutions | Deloitte Ireland | Audit

Emerging financial accounting services
Stay on top of developments in the accounting standards

We can help you stay current with developments in the accounting standards. Boosted by our industry knowledge, we identify and deal with the most challenging areas for each entity.

Our services include:

  • Analyse forthcoming and recent changes in standards
  • Increase knowledge and training on the requirements of the changing standards
  • Develop and project manage the implementation strategy
  • Assist in developing new accounting policies, related manuals, and guidance
  • Develop and draft disclosures
  • Identify changes in IT system requirements

Implement new financial reporting standards
The International Accounting Standards Board (‘the IASB”) is busy completing a number of projects in the near future. Some of these include leasing, revenue recognition, consolidation and insurance. Fair value measurement and consolidation standards are ready for adoption. Deloitte follows the development of new accounting standards in detail and forms professional views of their effects on a variety of industries early on.

Financial Reporting Advisory solutions | Deloitte Ireland | Audit

Financial instruments advisory
Accounting for financial instruments in a complex and variable environment has proven to be a challenge.

We can help:

  • Draft financial instruments accounting policies and related financial statement disclosures
  • Assess accounting implications of new financial instruments transactions and prepare accounting memos to support the accounting adopted
  • Perform valuations of complex financial instruments
  • Assist entities in the application of hedge accounting requirements
Financial Reporting Advisory solutions | Deloitte Ireland | Audit

Tax accounting
Dealing with the complex accounting issues such as accounting for taxation requires a broader application  knowledge of interpreting the Income Taxes standards.

Our services include:

  • Outsourcing preparation of tax accounting provisions and disclosures
  • Preparing detailed tax basis balance sheets
  • Providing technical tax accounting or secondment support for one-off transactions such as business combinations
  • Conducting tax disclosure benchmarking
  • Preparing tax accounting manuals
Financial Reporting Advisory solutions | Deloitte Ireland | Audit

Training on financial reporting
This line of service include providing training to in the area of accounting and financial reporting particularly on certain complex topics such as consolidation, financial instruments, revenue recognition, employee benefits, tax accounting, and share-based payments. We can customise a training program for each client that consists of live in-person, on-site training, and/or e-learning courses available via the internet. We assist our clients by complementing their internal training programs, including:

  • On-site training courses
  • Regular updates covering changes in standards
  • Aiding in the design and preparation of internal training programs
  • Providing comprehensive training and support materials


Glenn Gillard

Partner - Audit


Colm McDonnell

Partner - Enterprise risk services


John McCarroll

Partner - Audit

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Contact us

Dublin 2 Change location

Our three Dublin offices are:

Earlsfort Terrace, Hatch Street & Hardwicke House

Dublin 2


Phone: +353 1 417 2200

Fax: +353 1 417 2300