Accounting and Financial Advisory Services
We partner with businesses to provide scalable accounting solutions to meet the needs of our clients whether it is acting as accountants, book keeper, treasurer or business advisors, our solutions are tailor made and delivered through a team of experienced and solution orientated resources.
Deloitte offers a full range of accounting and financial advisory services to businesses. We provide scalable accounting solutions to meet the needs of our clients whether it is acting as accountants, book keeper, treasurer or business advisors. Our solutions are tailor made and delivered through a team of experienced and solution orientated professionals.
Our services include:
Book keeping and accounting service
- Recording of transactions for all balances in the financial statements. This may include collecting customer invoices and employee expenses, recording taxes/ provisions with respect to various business transactions, maintaining general ledgers, supplier and vendor lists, bank statements, inventories and book of accounts required by local and International standards.
- Our service methodology includes reconciliations of accounts between local books and corporate accounts and facilitating the integrity and accuracy of general ledger balances.
Financial Statement Preparation
- Preparation of financial statement and reporting packages for internal and external requirements with a focus on management, corporate and statutory requirements. Our service methodology includes conversion of financial statements to align with regional and /or global statutory requirements. (e.g local GAAP to IFRS)
Conversion from local GAAP to IFRS
- We have a proven IFRS implementation methodology developed from hundreds of projects we have performed in West and Central Africa.
- Our approach to IFRS Conversion leverages key lessons and success factors learned from prior IFRS projects; has been tailored based upon our significant knowledge of various industries and the financial accounting, reporting and regulatory environments of our clients. Our services include:
- First time adoption of IFRS - Conversion to IFRS from a National GAAP
- Impact Assessment /GAP Analysis between IFRS and National GAAPs
- Development of IFRS accounting policy manuals
- Re-aligning local charts of accounts to IFRS
Audit readiness service
- Our goal is to work with your team, to get you audit-ready as efficiently as possible. With our specialist knowledge of audit requirements and procedures, we are quick to assess your current state of readiness. Working with these outcomes, we then develop and implement a plan designed to help you achieve your audit-readiness performance goals.
Fixed Asset Management service
- We see efficient and disciplined fixed asset management processes as a key enabler to maintaining quality financial and management information. We assist in constructing or reconstructing a complete and accurate fixed asset register that is IFRS Compliant.
- Our service include physically verifying and tagging all fixed assets, measuring and recording each asset with its corresponding carrying value and useful life, manage data migration process and diagnostics of fixed asset procedures and controls.
Account system set-up
- We help start-up businesses in the initial set-up of the full set of accounting books and records system including IFRS compliant chart of accounts, accounting policies, desk procedural manual for finance functions and regulatory compliance assessments.
- Building business plans which help define approaches to pursuing cost saving opportunities and efficiency gains. This may include comparing performance measures and key indicators, establishing benchmarks or standards, and identifying potential corrective actions for operational gaps
- Reviewing economic and industry trend analysis with associated key business factors to help enhance corporate accountability and highlight areas for improvements. This may include activity based budgeting, strategic budgeting, budgeting on a rolling basis to help facilitate efficient process transformation and development of financial performance goals.
Account reconciliation and reconstruction
- Without the right skills, the right people, and the right solutions, it’s just not the same. Often our clients experience backlogs in financial processing and reporting and inaccurate management information. In these situations, we step in to perform account analysis, prepare reconciliations and provide management with input as to the breakdown in processes and controls which resulted in the error (root cause analysis).
Temporary finance management
- We provide interim finance and accounting professionals who work as members of your management teams to establish or maintain suitable infrastructure for managing cash and accommodating growth.
- Managing data from disparate sources and converting it into consistent, actionable information that can drive competitive advantage and help functional areas to uniformly interact with each other when responding to organizational issues and opportunities
IFRS Advisory Service
At Deloitte Nigeria, we provide an integrated solution driven by quality. We have subject matter specialists that are available to offer you practical answers: our technical opinions are supported by a comprehensive analysis of the relevant guidance applied to your particular facts and circumstances.
We will proactively inform you on a timely basis of IFRS developments that may impact your financial reporting, in order to manage such changes appropriately.
Our IFRS advisory service includes:
- Business Combinations- We assist in identifying and measuring assets and liabilities to be recognised; proffer solutions in treatment of contingencies and goodwill under IFRS 3.
- Impairment tests on goodwill and other non-current assets- Documentation of the Company’s impairment process and methodology, Identification and fair valuation of assets (including Cash generating Units) and liabilities to be recognized, treatment of contingencies and goodwill under IAS 36
- Consolidation and deconsolidation- Technical accounting opinion on Consolidation / /deconsolidation of subsidiaries, joint arrangements and associate accounting.
- Lease Accounting- Identification of lease arrangements in outsourcing, take-or-pay and similar contracts; classification as finance or operating lease and accounting treatment by the lessee and/or the lessor including measurement of lease obligations
- Financial Instruments- Recognition and derecognition of financial instruments, including off-balance character of sales of receivables; identification and measurement of derivatives and commodity contracts; fair value measurement of all types of financial assets and liabilities; effective hedge accounting strategies; classification as debt or equity; disclosure requirements for financial instruments and fair value measurement. We guide our clients in the implementation of new accounting principles (IFRS 9) for financial instruments
- Revenue recognition- Revenue recognition for transactions involving specific aspects such as multiple components, milestone payments and repurchase commitments, royalties and other special arrangements
- Share based payments: Assessing the nature of fair value calculations and accounting treatment under IFRS 2
- Provisions- Recognition criteria and measurement under IAS 37, including restructuring provisions and onerous contracts
- Specific IFRS Information- Related party disclosures under IAS 24; segment reporting under IFRS 8; (diluted) earnings per share under IAS 33; discontinued operations and assets held for sale under IFRS 5, interests in other entities under IFRS 12