Help meeting your IFRS obligations

In today’s environment, management teams need to focus on managing their business and driving growth, particularly in the current economic climate. Often, valuable time and resources are instead lost trying to understand complex accounting standards. IFRS (International Financial Reporting Standards) can be complex, hard to navigate and confusing to apply to your business. 

Even though the end of the financial year comes at the same time every year, when it's time for the auditors to visit, time and resources are limited and the finance team is invariably overloaded with work.

Accurate statutory financial reporting is an area where outsourced support is invaluable.

Our team can help with the following services:

 

Statutory financial statement preparation

Preparation of financial statements that comply with New Zealand statutory requirements such as:

  • New Zealand Equivalents to International Financial Reporting standards (NZ IFRS)
  • International Public Sector Accounting Standards (IPSAS)
  • Tier 3 and 4 Public Benefit Entity standards (for not-for-profit and public sector entities)

Examples of some other areas we can assist are disclosure of sensitive information such as related party and contractual information, development of accounting policies, preparation of cashflow statements, and assistance with deferred tax calculations.

 

Transition to a statutory financial reporting framework

If your business is growing you may no longer meet the requirements to prepare special purpose financial statements, and may need to comply with a statutory reporting framework. We can assist you with translating your internal financial reporting information, so it complies with the applicable framework.

 

What does this look like?

Consolidation

Translation of overseas subsidiary financial statements to group presentation currency and preparation of the group consolidation spreadsheet and consolidated financial statements.

Year end workpaper file

Using your internal management information, we can prepare a year end workpaper file to provide to your auditor to support your statutory financial statements.

Audit support

Often your auditor can only provide limited guidance and support around appropriate accounting treatment and presentation of financial statements due to independence considerations or conflicts of interest. We have the skills and expertise to be able to provide support in this area. We can provide an interface between your finance team and your auditor. We can liaise with your auditor directly or provide support behind the scenes.

Application of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)

We can assist with the application of accounting standards, whether it be the application of a new standard applicable to your business or application of an existing standard such as NZIFRS 15 Revenue from Contracts with Customers and NZIFRS 16 Leases. We have a dedicated National Technical Team to assist and provide guidance on complex accounting issues.

Services

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