New regulations (accounting standards, government regulations - e.g., Block Exemption Reform, IFRS, ELV, CAFE, EU Accession, CO2 regulations)
Over the past few years, automotive industry players have seen many changes in regulations governing both their operations and accounting. Among the most significant of these are:
- Block Exemption Regulation (BER)
- Sarbanes Oxley
- End-of-Life Vehicle Regulation (ELV)
- EU Accession
- CO2 emissions Regulations
These new regulations, which impact the entire automotive value chain, create significant challenges for the industry.
Companies coping with changing accounting rules and governmental regulations face complex questions and trade-offs. Accounting for ELVs and capitalising development costs under IFRS are two such issues that many in the industry must grapple with. Likewise, as a consequence of Block Exemption Reform, the total number of sales outlets in Western Europe has declined precipitously prompting questions of how to better manage the retail network, improve the networks’ reporting and performance, and train field staff. There is also the weighty matter of costs associated with CO2 emissions standards compliance.
How PwC can help you
Where can you turn for help in transitioning to the new regulatory environment?
PwC. Our team of automotive and regulatory specialists offers an integrated suite of automotive-specific IFRS solutions in areas such as R&D, tooling, and sales and buy back. We are also widely recognised as thought leaders on all issues surrounding BER. As your partner, PwC can provide help at the operational level by minimizing the costs and disruptions associated with regulatory compliance; and at the strategic level by maximizing competitive and strategic opportunities arising from regulatory change.