IFRS Reporting and Accounting Services
It is (not just) all about compliance
In a dynamic and challenging market, reporting your financial performance in a compliant manner is key. Relevant stakeholder information has the potential to reduce capital costs. With our experienced team at your side, you will benefit from efficient compliance efforts and depth of knowledge that will help you in your future decision making.
- Are you expecting larger changes to your IFRS financial statements?
- Considering Swiss particularities
- How Deloitte can help
Are you expecting larger changes to your IFRS financial statements?
In a rapidly changing environment companies constantly need to adapt to new challenges to protect their market shares and margins. This frequent portfolio adjustments through mergers & acquisitions, carve-out of non-core businesses, refinancing transactions, building strategic alliances through investments and joint ventures often result in major challenges to your financial reporting function. Closing of a transaction close to a reporting date can result in sever disruptions of your day-to-day operations impairing your ability to meet important reporting deadlines. Complex non-routine financial reporting questions are an additional challenge in this scenario.
Protecting market shares and adapting to new business environments introduces innovative business models, which need an adjustment of your financial reporting strategy to sustain a relevant stakeholder communication. On top of that, standard setters and regulators are very active in introducing new standards and requirements.
Considering Swiss particularities
In addition to the global challenges, it is important to consider the Swiss particularities when developing IFRS financial reporting solutions. Swiss market investors have special expectations, for example with regard to the perceived complexity of financial reports. The views of the Swiss regulators have to be taken into consideration when dealing with certain topics to avoid unnecessary discussions, which incur additional costs and locks in capacities in your financial reporting department. Special Swiss topics, such as accounting for Swiss pension plans, have to be dealt with appropriately.
Companies in Switzerland also have the freedom to choose from various accounting standards, particularly IFRS, US GAAP and Swiss GAAP FER. The selection of the appropriate accounting standard is a strategic decision, which needs to take into account the wider implications beyond a pure cost-benefit consideration. Your choice will impact the stakeholder communication strategy. It is therefore imperative to align it accordingly to secure all benefits from your standard selection.
How Deloitte can help
Deloitte’s Financial Reporting and Accounting team approaches financial, accounting and reporting solutions with convention-breaking thinking and a passion for the topic, raising the standards of quality through ever-deeper assurance.
Wide-ranging global and Swiss industry know-how and experience and an IFRS Centre of Excellence in the UK, which puts our experts at the pulse of all latest developments, makes our team well-equipped to answer the industry challenges you may face.
Our financial reporting solutions include:
- Assisting companies to understand, operationalise, and assess impact of complex accounting and reporting changes resulting from shifting regulations, new accounting standards, change in business structure;
- Providing support with the end-to-end accounting, process integration, and financial reporting support related to mergers, acquisitions, IPOs and divestitures;
- Performing financial reporting benchmarks with your selected peer group;
- Drafting accounting manuals, accounting policy papers and accounting position papers;
- Offering tailored training and update sessions with practical examples and cases studies.
IFRS 9 - Financial Instruments
The final version of IFRS 9, issued in July 2014, is the IASB's replacement of IAS 39 Financial Instruments: Recognition and Measurement. The standard includes requirements for recognition and measurement of financial assets and liabilities, impairment of financial assets, derecognition and general hedge accounting
IFRS 15 - Revenue from Contracts with Customers
At the end of May 2014, IFRS 15 was released. This standard outlines a single comprehensive model of accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance.
IFRS 16 - Leases
Our experienced teams in Audit, Financial Advisory and Real Estate help to ensure that you are compliant, harvest cost-saving opportunities and implement efficient global lease administration governance.
Insurance companies have been waiting over a decade for a single global accounting standard that fits their unique and complex industry. Deloitte understands the insurance industry and its need to gain improved economies of scale and minimize duplication through mandated regulatory change.