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International Financial Reporting Standards
IFRS
With the new financial rules and regulations, e.g. IFRS (International Financial Reporting Standards), financial accounting is becoming more complex and demanding than ever, both on the local and international level.
If recent trends are any indicator, the future promises more regulations, ever-evolving requirements, and mounting compliance obligations. As the globalisation of business accelerates, companies that want to survive and prosper will have to ensure that their financial accounting meets tomorrow’s global standards.
If this is your situation
- You want to keep up-to-date on developments in domestic and international financial reporting.
- You want to avoid accounting surprises linked to acquisitions, refinancing or any other transactions.
- You made an acquisition and need to harmonise your accounting policies.
- You have a complex technical accounting issue that you cannot solve in-house.
- You have a limited finance function and would appreciate support from financial reporting specialists.
- Your conversion to IFRS has raised the issue of staff training and you are in need of reliable and comprehensive accounting guidance and training.
- You are already familiar with Luxembourg GAAP, but you also need to understand how IFRS compares (understand similarities and differences).
Our Services
We have teams that can help you to manage your IFRS challenges by offering you a range of services shown below.
- GAAP conversion
- Technical analysis of complex transactions
- Consolidation and accounting
- Financial Reporting
- Purchase price allocation (PPA) / Post merger Integration
- Tax accounting support
- Tailored IFRS Training Programme
- Treasury accounting
GAAP conversion
To ensure an efficient and effective approach and conversion, we can support you with:
- Impact analysis of the key differences between your existing GAAP and IFRS,
- Accounting analysis under IFRS,
- Preparation of financial statements,
- Prepare and update of the accounting policy manual,
- Trainings and workshops,
- Understanding the impact on tax and distributable reserves,
- Updating the chart of accounts,
- Assessing and updating external reporting,
- Controls update: documentation, assessment and testing,
- Project management,
- Benchmarking against peers.
Technical analysis of complex transactions
We can support you in the application and interpretation of complex accounting standards and regulations by:
- Preparing tailored analysis of local GAAP to IFRS differences,
- Providing analysis of specific items under IFRS or policies, for example: revenue, leases, consolidation, financial instruments, debt/equity classification, hedge accounting, management incentive plans, performance fee assessment, employee benefits, due diligence support, ...
- Helping you to anticipate accounting impact of new and/or amended standards as well as future transactions planed.
Consolidation and accounting
We can support you in defining the accounting rules and procedures related to your consolidation by:
- Writing group accounting manuals as well as group consolidation and reporting manuals,
- Assisting in the set-up of consolidation accounting entries, including elimination entries,
- Defining your consolidation scope and advice on complex transactions,
- Helping you understand and monitor the full accounting impacts of your acquisitions, assisting in the analysis of share purchase agreements, in the purchase price allocation exercise as well as in the integration of newly acquired entities,
- Assisting you in designing your group reporting package and preparing it at the end of the reporting period.
Financial Reporting
We can assist you in the process of IFRS reporting as for instance:
- Preparation of group reporting packages,
- Preparation of stand alone and / or consolidated financial statements,
- Preparation of prospectus for public offering,
- Assist in the GAAP analysis and first time adoption,
- Preparation of checklists,
- Organise workshops and trainings,
- Remediation and restatements,
- Carve out financial statements and special purpose financial statements,
- Regulatory updates for Luxembourg,
- Preparation of illustrative and financial statements.
Purchase price allocation (PPA) / Post merger Integration
We can support you in analysing how the business combination should be accounted and disclosed under IFRS.
We can also help you with the fair value and / or due diligence exercise under IFRS. For further details, check out the following pages:
Tax accounting support
We can assist in:
- Accounting for uncertain tax positions assessments and technical support,
- IFRS conversion modelling to determine the tax impact of moving to IFRS and the potential tax accounting issues that must be addressed,
- Other specialised tax accounting services, including deferred tax analyses and tax basis balance sheet assistance.
Tailored IFRS Training Programme
We can support you in assessing and improving your IFRS skills based on your needs:
- We can assess the expertise level of your team.
- We offer a curriculum of basic and advanced courses.
- Our Team of experts can design in-house training and workshops tailored to your exact needs.
Please refer here for trainings offered.
Treasury accounting
Like your organisation, your treasury is unique. We help you:
- Structure your financing and LBO (i.e.: debt vs equity presentation and impact, debt renegotiation)
- Set up derivatives (stand-alone vs. embedded derivatives) and hedging strategies (compliance, documentation, effectiveness, accounting treatment and disclosure)
- Which one best fits your needs?
- How does it work?
- How to account for them?
- How to measure them?
- Implement IFRS 9 "Financial Instrument"
We also assist you with system selection, organisational structure, trapped cash, processes and strategies. For further details, check out the following pages.
Our expertise
Why PwC Luxembourg?
- We are a local team connected to a global network of experts.
- We listen to your need and will focus on what matters to you.
- You are looking for a group of experts with both the theoretical but also the practical expertise.
- We stay connected through our Global Network wherever you are.
- You are not just looking for an IFRS expert but a business partner with IFRS expertise.
Our Expertise
PwC Luxembourg is an active and recognised member of PwC Global Accounting Consultancy Service which is a network of 350 professionals that focuses on supporting engagement teams and clients on the application of IFRS and provides a direct access to topic specialists and PwC Corporate Treasury Services which is a network of more than 500 professionals.
PwC has recognised for some time that using IFRS concepts can dramatically improve the quality of financial reporting and international investor confidence. Whether you are trying to understand the impact of mandatory IFRS adoption on your business or simply contemplating a feasibility study, PwC can help. We are uniquely positioned to assist that there are no undessired surprises and that the benefits of using internationally accepted standards make a real difference to your business.
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