The Deloitte Future of Corporate Reporting Conference series will provide crucial advice and insights for businesses on the latest trends and developments in the field
Working towards the future is at the heart of business across every sector – and this involves adopting and maintaining a successful sustainability plan, while also moving forward with the times and keeping abreast of the ever-changing world we live in.
Leveraging our global capabilities and alert to these important issues, Deloitte is gearing up to host the Future of Corporate Reporting Conference at a number of locations across the country throughout November.
Offering up to 3.5 hours Continuing Professional Development (CPD), the conference will be held at:
- The Royal Convention Centre in Dublin on 15 November;
- The Crowne Plaza in Belfast on 21 November;
- The Kingsley Hotel in Cork on 23 November;
- The Absolute Hotel in Limerick on 28 November, and
- The G Hotel in Galway on 30 November.
Key topics in the spotlight at these events will include:
- Reporting on corporate sustainability, including discussions on IFRS S1 and S2, SEC plans and ESRSs;
- The potential impacts of artificial intelligence, such as ChatGPT;
- Updates on Financial Reporting and Corporate Tax;
- Examining recent corporate governance proposals, including how to achieve the right corporate culture.
Crucial topics for business
Michelle Byrne, Partner at Deloitte Audit and Assurance Practice and Financial Reporting Advisory Lead, says these topics are of the utmost interest to businesses.
“Climate is still very much at the forefront of society, boardroom and investors, discussions so, given the volume of regulations coming down the tracks, we will provide practical insights from our experience of supporting clients here in Ireland and globally on the impact this is having on organisations to ensure clients are ready for the changes,” Byrne says.
“To share these insights, we will have a panel discussion from our sustainability team, led by Glenn Gillard, Head of Sustainability, Aoife Connaughton, Strategy and Decarbonisation Director, Marc Aboud, Risk and Regulation Director, Orla Dunbar, Data and Technology Director, and Aisling Kirby Reporting and Assurance Manager.”
There will be a focus on the potential implications of artificial intelligence (AI tools), such as ChatGPT, on financial and sustainability reporting with future-looking sessions focusing on the ways in which they might impact the role of the Chief Financial Officer and wider finance teams.
“This is a rapidly evolving area and Emmanuel Adeleke, Lead AI and Data Partner, will share his insights and real examples as to how AI is impacting finance teams and, particularly, how it is impacting financial and sustainability reporting,” Byrne says.
“Also, given the ever-changing landscape at boardroom level, Melissa Scully, Risk Advisory Partner, will lead a session covering UK developments and consultation on the changing corporate governance environment.
“She will look at how these might impact the boardroom in both Irish and UK companies. She will cover the UK Code, new audit committee standard and the importance of culture and enhancing relationships to ensure positive challenge between the executive and board.
“And, as corporate tax is always leading the headlines, this year’s session, led by Tax Partner Tom Maguire, will provide attendees with information they need to know about corporate tax changes, but with a particular focus on Pillar II. I will also join Tom to share insights as to what Pillar II means for tax accounting.”
Regulatory developments
In addition to this stellar line up, Oliver Holt, National Director – Financial Reporting, and Megan Haldane, Financial Reporting Advisory Director, will explore the must-know IFRS developments for 2022 and beyond.
This will cover some of the reporting decisions and messages emerging from accounting enforcers, such as the Irish Auditing and Accounting Supervisory Authority, the Financial Reporting Council and the European Securities and Markets Authority.
“They will be joined by Aislinn Brennan, Treasury Assurance Director, who will signpost some of the accounting consequences of the evolving power purchase arrangements market,” Byrne says.
“Brian Murphy, Audit and Assurance Partner, and Dympna Cassidy, Financial Reporting Advisory Director, will also discuss the dramatic changes on the way with the proposed introduction of FRED 82, which will incorporate a simplified IFRS 15 Revenue from contracts with customers and IFRS 16 Leases into the world of Irish GAAP reporters.”
The Financial Reporting Advisory Team Lead says that Irish companies cannot afford any delay in their consideration of how the latest changes will impact their work.
“Given the vast range of changes coming down the pipeline, almost all Irish companies will be impacted in some shape or manner,” Byrne says.
“The huge momentum towards sustainability reporting is considered by many as the most pervasive reporting change for companies for many decades.
“FRED 82 will reach a large volume of Irish GAAP reporters. The proposed amendments will reflect up-to-date IFRS-based solutions by introducing more transparent reporting of lease obligations, as well as a clear five-step model for determining the recognition of revenue from all contracts with customers.
“This will bring real challenges around implementation similar to when we saw the introduction of IFRS 15 and IFRS 16.”
Pillar II is one of the most significant developments in recent times, Byrne adds, and will have far-reaching implications for certain companies in Ireland in those groups subject to a tax rate of at least 15 percent on profits wherever arising.
Economic and political impacts
Economic and political impacts have significant knock-on effects on the accounting world, Byrne says.
“What’s happening today is no different, so it is important for companies to be prepared. Currently, many Irish companies will be feeling the effects of high inflation, the continued impact of the Russian/Ukraine war and the impact of interest rate hikes,” she says.
“These will impact many aspects of some industries and businesses and will, in turn, have an impact on financial reporting and related financial statement disclosures – a knock-on effect on some entities, raw materials, employee wages and investment/financing decisions, for example.
“From an accounting perspective, high inflation and interest rates will impact fair value measurements, discount rates applied and expected future cash flows.
“So, preparers of financial statements will need to convey, in their financial statements, the current or potential impacts these will have on their business and outline any key judgements or estimates applied.
“Equally, due to environmental impacts and rising energy prices, many companies have been looking for alternative ways to reduce their carbon footprint and also reduce their exposure to these increasing and more volatile costs. This has led to a lot of accounting complications as some companies have moved towards power purchase arrangements (PPAs) or virtual PPAs to address these needs.
“At Deloitte, we are very conscious to make an impact that matters for our clients and wider society. Attending this conference, you can expect to be well-informed and alerted to the latest developments in corporate reporting for the 2023 financial year.”
Interview by Arlene Harris
For more information, log on to www.deloitte.ie/corporatereporting
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