With the continuous developments in International Financial Reporting Standards (IFRSs) as adopted by the EU, the areas of financial accounting and reporting have become a lot more challenging for many entities. We understand that preparing financial information in accordance with the requirements of IFRSs is becoming onerous taking into account measurement issues, but also presentation and disclosure matters. The introduction of General Accounting Principles for Smaller Entities (GAPSE) has been an important step towards simplification in Malta; the extent of adoption of these principles by reporting entities in Malta is expected to increase.
In the current climate of enhanced corporate governance requirements and increasing regulations, we are aware many entities are becoming increasingly cognisant of their obligations to meet financial reporting requirements in an independent manner. Reporting deadlines and timelines are becoming tighter. Simultaneously shareholders and stakeholders are demanding more quality and different financial information. Ensuring that the reporting entity meets these obligations in a timely manner and having the ability to oversee and control the related financial processes, both present a significant challenge in terms of resources and costs.
For all entities that require high quality accounting advice, PwC has the breadth and depth of knowledge and technical expertise to help. As the leading local and international accounting firm, PwC offers comprehensive experience in all areas of accounting and financial reporting. PwC has an Accounting Advisory Services (AAS) specialised team led by IFRS specialists who have been providing IFRS advice and technical guidance to entities in Malta, comprising both audit and non-audit clients, for a significant number of years. These specialists have followed IFRS developments throughout the years and led the firm’s initiatives in supporting clients in this respect. PwC has been heavily involved in the development of GAPSE in Malta.
PwC experts, advise and support in the preparation of reporting under IFRSs and GAPSE, building on cooperation with specialists across a significant number of industries and deploying tried-and-tested PwC tools. These resources prepare statutory and other financial information, provide expert analysis on specific issues and are available to respond to individual needs.
As a firm we strive to provide value-for-money services and solutions which are flexible and tailored to the particular circumstances and needs of the particular entity, whether on-site or off-site, project-based or ongoing.