Companies face severe challenges in dealing with the increasing complexity of accounting guidance. The increased complexity, coupled with stricter regulatory scrutiny and enforcement, has led to heightened sensitivity on the accounting practices of companies. Over the years, accounting standards have undergone substantial changes. Complying with changes in accounting standards is much more than a technical accounting issue. The accounting standards may significantly affect any number of a company’s day-to-day operations or even impact the reported profitability of the business itself.
In addition to more challenging accounting standards, businesses are also evolving to accommodate complex business structures and transactions. Management is required to spend more time on critical business processes that can result in enhancement of business values. As there is a need to be accountable to the stakeholders, management has to understand the implications of the various accounting issues.
The company’s independent auditors can no longer provide such accounting advisory services without violating the independence rules. Companies will need assistance to supplement their internal resources and provide the depth of experience necessary to address accounting issues as they arise.
PwC’s Accounting Advisory Group can play an important role in supplementing your company’s finance function and provide advice to queries related to generally accepted accounting principles in US (US GAAP), International Financial Reporting Standards (IFRS) and Singapore Financial Reporting Standards (SFRS).
Our seamless network of resources means that we have people locally and in other territories where you operate, to offer our expertise where you need it and when you need it. We have GAAP practitioners who can speak and communicate in local languages and work with your teams on the ground, in addressing and resolving issues as they arise.
Our principal service offerings include:
Accounting and financial reporting advice
Companies have realised the importance of working with the right accounting advisors to supplement their internal resources and provide the depth of experience necessary to address accounting issues as they arise. PwC can also assist management to understand the implications of the accounting issues and provide explanations to stakeholders. Some of our recent advisory work in complex accounting areas includes:
GAAP conversion and reconciliation
PwC has a proven track record in helping companies successfully complete the transition to new accounting standards. Our conversion specialists bring technical, training, communications and change expertise to the project. And while a lot of the issues are common across all businesses, some impact more on certain sections so we’ll make sure our industry specialists are involved.
With our proven Component Evaluationssm methodology/conversion tool, PwC can help to:
In order to keep the Company’s finance personnel updated with the ever-changing accounting standards, PwC has also the expertise to provide the following:
Leading Shipping Group
- IFRS Conversion
PwC was engaged by a leading shipping group to advise on the IFRS Conversion project, covering 32 countries worldwide.
We carried out an initial study to help the client assess the true scale and hence determine the scope of the conversion project. On the basis of our planning, we facilitated the establishment of a large scale global conversion project and worked alongside the client and their auditor in delivering that project. The project set-up included steering and technical review committees comprising of shipping industry and IFRS specialists.
Capitalising on our in-depth knowledge of the industry and IFRS, we successfully assisted management in the planning and scoping, execution and implementation of IFRS; with a particular emphasis on project management of the massive project and the consideration of the affected processes, systems and people within the organisation.