Financial Accounting Advisory Services
Navigating a changing accounting landscape
In the current economic conditions shareholders, regulators and professional bodies are taking greater interest in how companies derive, report, disclose and communicate about their financial position. This environment is driving extensive change across accounting standards.
Our Financial Accounting Advisory Services practice is a multidisciplinary team of accounting, tax and IT professionals with deep experience in managing the implementation of accounting changes - ranging from a single accounting standard to the full project planning and global implementation of IFRS.
We help CFOs, audit committees, treasurers, and other top financial executives understand the pending changes and assess the impact on their companies.
We can provide focused technical assistance on planning an orderly, efficient transition — while helping reduce risks in financial and tax reporting, operations and information systems.
The current environment requires business to be able to address the concerns of their stakeholders and be prepared to change processes in order to adapt accounting and finance practices. This will allow them to ensure they are positioned to respond to market demands both now and in the future.
Our Financial Accounting Advisory Services practice is a multidisciplinary team of accounting, tax, and IT professionals with deep experience in managing the implementation of accounting changes, ranging from a single accounting standard to the full project planning and global implementation of IFRS.
How can we help?
Our Financial Accounting Advisory Services teams leverage their extensive expertise to bring together global, multi-disciplinary teams. We offer deep sector knowledge to help you navigate the complex finance issues facing your business.
- GAAP conversion
IFRS & GAAP conversions require deep technical knowledge of not only accounting differences, interpretations and potential approaches, but also ongoing business implications for performance measurement, compensation schemes, tax, regulation or financial communication.
We assist clients
- Managing conversion as well as interpretations and potential approaches
- Understanding the impact of conversion on existing systems and processes and designing new ones, or integrating new processes with existing systems
- Providing project management assistance across all work-streams
- Training staff and preparing the first set of IFRS financial statements
- Understanding the ongoing tax reporting implications of complex accounting treatments
- Transaction accounting and financial reporting assistance
Our team works with you to optimize the transaction outcome by addressing key accounting and regulatory challenges that arise on mergers, acquisitions and divestitures including:
- Identification and analysis of accounting issues
- Analyzing financial and regulatory impacts
- Preparing opening balance sheets, carve-out, proforma or combined financial statements
- Modeling of impacts on future income statements, balance sheet items and KPIs
- Analyzing financial communication and competitor benchmarking
- Working with our transaction advisors on valuation projects and determining the PPA
- Accounting standards and regulatory requirements
We support companies in implementing new accounting standards and regulation in their business.
Our support includes assistance:
- Implementing IFRS for published or forthcoming financial statements including advice on notes to financial statements and adequacy of documentation
- Technical assistance in complex accounting issues and enhance financial information as well as analyzing and improving information gathering process and competitor benchmarking
- Meeting local regulatory requirements under their local GAAP
- Identifying your reporting needs and the impacts in the implementation phases
- Understanding the impact on your accounting information systems
- Understanding the tax implications to assist to proactively control and manage tax reporting requirements and the effective tax rate
- Benchmarking and analysis of prospective impacts of accounting standard developments on financial statements
- Accounting and financial processes
The need to improve your business systems and processes can arise at any time. Our team works with clients on:
- Help them to design and enhance accounting and financial reporting processes as well as KPIs
- Redesigning accounting processes to ensure effective and efficient control
- Transitioning from cash to accrual basis accounting in public sector organizations
- Monitoring long-term contract performance
- Reviewing sources of loss of accounting control and assist in the implementation of accounting remediation plans
- Enhancing their cost accounting system
- Compliance with Legislature such as Basel, Solvency, PFMA, other
The need to improve your business compliance can arise at any time with the changing amendments to legislature. Our team works with clients on:
- Help them to enhance their regulatory and compliance reporting processes
- Re-evaluating compliance and regulatory processes to ensure effective and efficient control
- Transitioning from the different rules such as Basel II to Basel III/ Solvency
- Monitoring adherence to legislature by offering interim reviews
- Assisting clients to prepare for the year-end audit through audit readiness projects
A summary of IFRS 15 and its effects