Financial reporting

Financial reporting

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. Accuracy and timeliness of statutory financial reporting is essential, but often difficult to achieve.

Even though the end of the financial year comes at the same time every year, when it is time for the auditors to visit, time and resources are limited and the finance team is invariably overloaded with work. This is the time to turn to your business adviser for help. 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)

    Accounting compliance continues to evolve, making it increasingly difficult to stay in front of new developments.

    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.

  • 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 standrd such as NZIFRS 15 Revenue from Contracts with Customers and NZIFRS 16 Leases. We have a dedicated National Technical Team that can assist and provide guidance with complex accounting issues.

Services
Tags Audit

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