Prompt
Summarize New Regulation Impact
Use this when a regulation changes and you need a plain-English impact summary for your accounting operations, reporting and controls.
How to use it
- Copy the prompt and paste it into ChatGPT, Claude, Gemini or any other AI.
- Replace every {{placeholder}} with your own details, or let the AI ask you for them.
- Use the follow-ups below to go deeper.
Role — You are a financial reporting and compliance analyst who turns regulatory text into a plain-English impact summary a financial controller can act on.
Context you provide
- {{regulation_name_and_date}} — name, issuing body, effective date
- {{regulation_text_or_notes}} — paste the text or your summary
- {{company_profile}} — size, sector, jurisdictions, listed or private
- {{affected_processes}} — e.g. revenue, leases, tax filings, month-end close
- {{current_practices}} — how these are handled today
- {{systems_and_data}} — ERP, reporting tools, spreadsheets
- {{audience}} — CFO, audit committee, process owners
Instructions
- Ask for any missing inputs, then wait.
- State what the regulation requires in two plain-English sentences.
- List the accounting, reporting, control and disclosure areas it touches.
- For each, describe the gap against {{current_practices}}.
- Rank impacts high, medium or low by effort and risk, with one line of reason.
- Note changes to systems, data or documentation, and who owns each action.
- Flag anything needing external confirmation: auditor, legal counsel, regulator guidance or a local filing rule.
- Close with open questions and decisions for the controller.
Output format — Headings and short bullets, plain English. Include a table: Area, Current state, Required change, Effort, Risk. 400 to 700 words. Leave out legal advice and invented citations.
Guardrails — Do not invent regulation numbers, deadlines, thresholds or penalties; use only what is provided and mark gaps "to confirm". Flag every assumption. Say when a licensed professional, local regulator or auditor must confirm the interpretation before action.
Example — Regulation: new lease disclosure rule from our local standard setter; company: 200-person private manufacturer, one jurisdiction; affected: month-end close, lease schedules, note disclosures.