Considerations for Finance Teams Approaching Year End

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Considerations for Finance Teams Approaching Year End

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Finance Team Considerations

As highlighted in our breakfast briefing on November 13th, the 2015 year end presents finance teams with several new challenges. The 2015 year end is the first time (re)insurance companies will have to implement the changes to financial statements arising from the Companies Act 2014 and also the European Union (Insurance Undertakings: Financial Statements) Regulations 2015. Coupled with the changes in legislation, 1 January 2015 also marked the date from which new Irish Gaap (FRS 101 or FRS 102/103) becomes applicable so finance teams will have to contend with the new measurement bases where applicable and also the new enhanced disclosures now required.

On October 6th, the CBI gave feedback arising from the comments received around consultation paper 92, so finance teams will also need to consider the impact of this statement on the year end preparations. Finally, there are a number of taxation hot topics currently applicable to insurers including BEPS, areas of focus for revenue audits, transfer pricing and employment taxes which further enhance the work load for finance teams approaching the year end.
 

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