KPMG Ireland’s Post

Transcript

We're here today at KPMG's biannual financial reporting seminar and we today the team is about change. We're launching an AI in financial reporting reports. Now. We really feel it's about data companies are bigger, they're more complex data, the technology around getting the numbers right before we go to audit. And that's an underlying theme today and something we're keen to talk through with people. We've launched our latest global AI of Finance Report and I think it's really interesting, exciting some of the findings that are coming out of that. So what people need to be thinking about. Transparency around AI and also sustainability and how that feeds into their ESG agenda. The deadlines now for CSR reporting is rapidly approaching for anyone that's in our way. One cohort, so that's our PIE clients with over 500 employees. They are due to report under the CSRD on their 31 December, 24 year ends. Those that are in our way too. There's a bit more time, but now is the time to prepare for those reporting obligations. It's really crucial to remember your first principles. We did all this six years ago. With layering on top of all those compliance documents and making sure you're ready to comply with the law when it comes to your use of AI, every year we're seeing new legislation and new guidance being issued. With these new rules and developments, it's very important for businesses to stay up to date and be on top of what's included in the measures. So while there hasn't been many developments in financial reporting for FY24, there's big changes coming down the line and they're coming fast. Prepares won't deal for 1819 and a raft of amendments, standards efforts. Going to prepare to face the most significant changes they face since their standards were first introduced, especially in terms of the new revenue and leasing model more closely aligned with IFRS. So big changes are coming. People need to start preparing now.