A proposed new model
Financial reporting advisory
Support throughout the business lifecycle
The need for financial reporting advice is often driven by wider concerns, such as mergers and acquisitions, IPOs, significant system changes and new products or business strategies. We provide practical and commercially astute technical accounting and financial reporting advice to our clients.
How we can help
The financial reporting challenge is driven by developments in International Financial Reporting Standards (IFRS), with significant changes across many areas. Key topics in the pipeline include financial instruments, revenue recognition, leasing and insurance with the IASB currently considering its future direction and strategy. New financial reporting standards published by the Financial Reporting Council, and mandatory from 2015, will lead to major change for Irish GAAP reporters, and a reporting structure affording the possibility of major benefits for IFRS qualifying entities. The new standards may be adopted early from 2013 onwards.
We provide seamless project support, incorporating technical accounting and financial reporting advice to our clients that is practical and commercially astute. Our services include:
IFRS conversion requires thorough understanding and application knowledge of the IFRS. Deloitte has developed a three-phased approach to assist entities in the move to IFRS:
Assess - Determines the business case and future state vision for IFRS adoption. This phase involves assessing an entity’s technical accounting, tax, valuation and supporting processes and infrastructures. The information is then used to formulate an implementation plan.
Convert - Performs a comprehensive IFRS conversion. This phase involves performing the technical accounting and tax conversion, designing supporting processes and infrastructures, and developing an organisation and change management strategy.
Sustain - Supports continued IFRS reporting and performs the knowledge transfer. This phase involves implementing the supporting processes and infrastructures, executing change management activities, and completing the knowledge and capability transfer.
Emerging financial accounting services
Stay on top of developments in the accounting standards
We can help you stay current with developments in the accounting standards. Boosted by our industry knowledge, we identify and deal with the most challenging areas for each entity.
Our services include:
Implement new financial reporting standards
The International Accounting Standards Board (‘the IASB”) is busy completing a number of projects in the near future. Some of these include leasing, revenue recognition, consolidation and insurance. Fair value measurement and consolidation standards are ready for adoption. Deloitte follows the development of new accounting standards in detail and forms professional views of their effects on a variety of industries early on.
Financial instruments advisory
Accounting for financial instruments in a complex and variable environment has proven to be a challenge.
We can help:
Dealing with the complex accounting issues such as accounting for taxation requires a broader application knowledge of interpreting the Income Taxes standards.
Our services include:
Training on financial reporting
This line of service include providing training to in the area of accounting and financial reporting particularly on certain complex topics such as consolidation, financial instruments, revenue recognition, employee benefits, tax accounting, and share-based payments. We can customise a training program for each client that consists of live in-person, on-site training, and/or e-learning courses available via the internet. We assist our clients by complementing their internal training programs, including: