Preparation of Consolidation Packages for Group Reporting According to IFRS and Other GAAP
Our service is designed for entities that are part of larger capital groups and are required to prepare consolidation packages in accordance with International Financial Reporting Standards (IFRS) and other Generally Accepted Accounting Principles (GAAP) used by parent companies in their consolidated financial statements. The preparation of such packages requires precise data adjustment to the standards applied by the group, which is crucial for uniformity and consistency in financial reporting at the group level.
Our services include:
Preparation of consolidation packages according to IFRS and other GAAP: We prepare consolidation packages containing all necessary elements of financial statements, tailored to the requirements of IFRS and other accounting standards (e.g., US GAAP, UK GAAP) used by parent companies. This service also includes converting data from local accounting standards to the required GAAP, ensuring full compliance with group guidelines.
Consolidation of packages at the group level: We offer support in the consolidation process of financial statements at the group level, taking into account differences in accounting standards and the specifics of individual entities. Our experience includes handling complex capital structures, allowing for efficient and compliant consolidation processes.
Financial data transformation: We convert financial data from local accounting standards to the standards used by the group (e.g., from the Polish Accounting Act to IFRS, US GAAP, or other required standards). As part of this service, we ensure that all necessary transformations are in line with international and group standards.
Support in harmonizing financial processes: We assist in harmonizing financial processes at the group level, which facilitates consistent reporting and compliance with consolidation requirements.
Our Approach:
Understanding the specifics of each entity’s operations within the group is crucial to preparing consistent and compliant consolidation packages. Our team of specialists with extensive experience working with international capital groups provides professional support at every stage of the process, from data transformation to report preparation, all the way to final group-level consolidation.
Tools and Technologies:
Most consolidation packages are prepared in Excel, with automation implemented to ensure efficient and error-free package preparation. Additionally, we can connect to the company’s reporting systems via a secure VPN connection, minimizing your involvement in the process and ensuring full confidentiality and data security.
Services We Have Provided So Far:
We have experience working with large, international capital groups operating in various sectors and jurisdictions. We have successfully supported our clients in the consolidation process, financial data transformation, and harmonization of accounting processes, allowing them to efficiently report in compliance with IFRS and other required GAAP standards.
