Financial Accounting & Reporting
In the fast-changing, technology-driven world, building and maintaining trust has never been more important or challenging. Providing trust over financial reporting is a big responsibility, and it lies at the heart of everything we do. Our Financial Accounting Advisory Services practice provides assistance on critical issues arising from changes in accounting standards and regulatory requirements, new business activities and business acquisitions.
Accounting Compliance and Reporting services are focused on helping large, multinational companies meet their financial reporting requirements. Companies across industries are engaged in finance transformation initiatives, marked by expansion into emerging markets, the deployment of Shared Services Centers and the continuous drive for efficiency and lower costs.
Our team comprises a multidisciplinary team of accounting, tax, and IT professionals with deep, sector-specific 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.
Managed centrally, our services link our competencies in finance and tax to support the full spectrum of compliance needs. Our suite of services include:
· Statutory Accounting & Bookkeeping Compliance
- Statutory reporting services (delivering statutory financial statements)
- A range of accounting support to assist the internal finance functions, including:
- Group-to-local BFRS conversion
- Post-general ledgers “records” accounting, such as assistance with period close, trial balance compilation, reconciliations, and data gathering and analysis
- Group-to-local BFRS-to-tax conversion in coordination with Bizz Solutions tax professionals
Managing statutory accounting and bookkeeping compliance in today’s highly complex economic and regulatory environment is no easy task. Rapid globalization, new developments in regulation, changes in accounting standards and increased demands from revenue authorities for greater transparency on tax and accounting structures and records are all increasing the burden on accounting, finance and tax departments. At the same time, accounting and finance functions are under pressure to provide more and better reporting and compliance in an ever-shorter period with fewer resources. Given these challenges, it is not surprising that accounting, finance, and tax departments often spend a disproportionate amount of time on routine compliance and compilation activities, rather than focusing on higher value activities such as core business support, strategic tax planning, quality and risk management and process and technology improvement.