Hotel group Dalata agrees to change accounting treatment of residential deal following decision by regulator

Matter relates to the sale of lands by Dalata at the former Tara Towers Hotel in south Dublin

Iaasa examined the accounting treatment by Dalata of the sale of lands at the former Tara Towers Hotel in south Dublin Dalata chief executive Dermot Crowley and its chairman John Hennessy, pictured with its 2023 annual report, which includes the change of treatment to the 2022 transaction that was subject to Iaasa's examination. Photograph: MAXWELLS

Iaasa looked at the hotel group’s accounting treatment of the proceeds from the sale of residential units as revenue in Dalata’s financial statements for the year to the end of December 2022. The units had been developed on surplus land of the former Tara Towers Hotel in South Dublin. IAASA concluded that the sale of residential units was not part of the ordinary activities of a hotel group such as Dalata and did not meet the definition of revenue under IFRS 15. Therefore, it required a separate presentation within the consolidated statement of profit or loss and other comprehensive income.

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