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Financial accounting advisory
EY practice serves you with a multidisciplinary team of professionals in accounting and related information technologies, providing deep industry expertise and vast experience of managing accounting and financial reporting change implementation processes, from application of individual accounting standards to implementation of full-scale projects in planning and introducing IFRS in many countries.
EY's key business task is to provide methodological and practical support to CFOs, audit committees, treasurers and other C-suite representatives responsible for financial issues in order to increase awareness, deepen understanding of the pending changes, and assess the impact on their companies.
Our financial accounting advisory professionals help our clients deal with changes in standards and regulatory requirements, and diversification or acquisition of business.
Key service offerings:
EY specialists assist our clients in handling a wide range of challenges related to transition to IFRS, corporate government and regulatory requirements, leveraging big data, and provide transaction and accounting support.
Applying leading accounting and reporting practices
Methodological and practical accounting and reporting matters, including:
- Development of a uniform accounting policy and procedure for documentation maintenance using a web version of Automated accounting policy manual (AAPM)
- Analysis of challenges that may arise as the result of implementation of a new accounting method, including assessment of its impact on existing systems and processes
- Designing tools for implementation of new accounting standards and providing assistance in the decision-making process
- Fast-track transition to new standards, such as IFRS 15 Revenue from Contracts with Customers
- Development of impairment allowance estimation models in accordance with IFRS 9 Financial Instruments (for non-financial organizations)
- Implementation of a new standard - IFRS 16 Leases
- Optimization of financial processes and controls, including process design and/or integration as part of finance function transformation, and deployment of an ERP system
- Implementation of IPSAS
- Accounting for derivative financial instruments and commodity contracts
- Optimization of the statutory reporting process
Financial accounting enhancement through improvement of business processes and IT systems
To ensure proper oversight by management, comprehensive monitoring and support of financial accounting and reporting makes it possible to:
- Assess, transform and reorganize financial and control functions
- Align accounting procedures after the purchase of new assets
- Improve the financial statement close process
- Evaluate and enhance internal controls
- Provide accounting support in the context of consolidation
- Generate accounting data for tax reporting purposes
Compliance with regulatory and financial requirements, as well as requirements related to corporate governance
The finance function often deals with a wide variety of issues ranging from management of risks arising from changes in the commodity market conditions to currency risk monitoring.
Our financial accounting and reporting services cover:
- Compliance with new legal requirements
- Accounting for derivative financial instruments and goods
- Comparative analysis of corporate governance structure and efficiency of audit committee oversight
- Accounting support of large M&A deals and anticipated asset carve-out
- Assistance in corporate structuring
- Structuring of complex transactions on domestic and international markets and addressing related accounting and reporting matters
Assistance with other audit, certification and financial accounting matters
EY people provide comprehensive support implementing the recommended improvements to business processes and controls, including:
- Alignment of financial accounting and reporting procedures with regulatory requirements and corporate governance guidelines as part of eliminating deficiencies identified during the audit
- Provision of professional training
Client: a Kazakhstan division of a multinational diversified industrial group among the top 20 companies on the Fortune 500 and Forbes Global 2000 lists.
What we had to do: to develop a financial accounting policy based on IFRS and the requirements set out in the Group's global accounting policies.
Result: detailed methodology guidelines for financial accounting and reporting.
Value for the client:
- The accounting policy provides examples of calculations and typical accounting entries, disclosures in financial statements, as well as templates of primary documents used by the company along with rules for their usage for financial accounting purposes.
Client: a subsidiary of one of the global telecommunication sector leaders.
What we had to do: due to heavy workload of the finance function and more sophisticated methodology outlined in a new standard, the company decided to engage EY as a consultant. EY professionals comprehensively supported the implementation of a new standard - IFRS 15 (Revenue Recognition)
Result: the engagement was successfully completed as a result of coordinated efforts of the company's employees and EY professionals, robust implementation procedures and a comprehensive approach.
Value for the client:
- Well-worked methodology and successful adoption of new standards
- Availability of advanced standard implementation tools and solutions in EY's portfolio in a form of electronic files and information systems that make up helpful analysis guidance
- Access to EY best practices worldwide
Feedback from our clients
As part of the IFRS 9 implementation project, EY professionals closely cooperated with our bank’s employees. The outputs delivered during this assignment have met our expectations in full. Due to the competence and expertise of EY team, as well as their commitment to fulfill the assumed obligations, EY successfully accomplished all the tasks within the set deadlines.”
A major Kazakhstan bank
Many thanks to EY team for a training session on financial accounting and reporting. We would especially like to mention high-quality content, engaging presentation and high competence of the speaker. All our questions have been answered, and we have learned additional insights. Thank you for your cooperation!”
A major international mining company
EY team provided methodological support in recognition of effects identified in the course of performing comparative analysis procedures with respect to current accounting process against IFRS 15 Revenue from Contracts with Customers. The outputs delivered during IFRS 15 transition assignment have met our expectations in full. Due to the competence and expertise of EY team, as well as their commitment to fulfill the assumed obligations, we were able to successfully accomplish all the tasks within the set deadlines.”
A subsidiary of an international mobile network provider operating in Central Asia
What does the advisory process look like?
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