Managing Accounting Change

Keeping on top of the continuous developments in accounting

Although driven by accounting changes, some of the reportorial requirements impact areas other than accounting and cause management to change business practices. Consolidation and revenue recognition are two important examples. Identifying the implications of the required or elected accounting changes takes time, as the impact can be broad and vary in significance.

Recognising the interrelationship of accounting changes with IT systems, business processes, taxes, and general operations extends the scope and timing to address all identified issues. It also essentially indicates that companies should be sizing up the potential impact of new/revised IFAS, Bapepam-LK Regulations, and other statutory reporting requirements today, or in the future.

If this is your situation
  • Your organisation struggles to understand the accounting ramifications of complex valuations, including business combinations, stock based compensation, financial instruments, etc
  • You are concerned that the current policies from your accounting manuals are inconsistent with the new accounting requirements
  • You are uncertain whether your accounting policy choices present the group results in the most appropriate way to investors and analysts
  • You are considering modifying your accounting and reporting system to deal with the new accounting policies or with new regulations mandated by the regulators
  • You have only a limited finance function and would appreciate support from financial reporting specialists
  • You have a difficult technical accounting issue and you cannot resolve it internally.

How can we help?
PwC has the breadth and depth of knowledge and technical expertise to assist organisations like you that require high quality accounting advices to achieve high quality financial reporting.

PwC provide the following services to help you manage accounting change:
  • Preparation of technical discussion papers with robust arguments and practical insights that can support preferred accounting treatments
  • Assistance with accounting functions for complex accounting matters such as business combinations, share-based compensations, financial instruments, cost accounting, etc.
  • Independent accounting support through a retained advisor
  • Diagnostic review of current processes, systems and controls
  • Assessment, design and implementation of financial accounting and reporting processes, systems, and controls
  • Support in the development, review, or improvement of chart of accounts, accounting manuals, and standard operating procedures
  • Benchmarking of policies with the industry practice