Banking sector in Luxembourg and more widely in Europe is facing to IFRS challenges according to 3 levels:
In parallel, accounting teams have to face to shortened deadlines and the management of multi-GAAPs accounting is a supplementary difficulty. For this reason, more and more credit institutions have made the choice to elect IFRS accounting system and financial statement to rationalise the reporting standards used.
Migrating to IFRS implies a high involvement of the client’s team and some additional technical knowledge in regards to specific requirements for accounting or disclosures purposes.
The IFRS Center of Excellence of Deloitte Luxembourg provides a range of tools to help the banking clients in this transition phase. Our experienced and specialised team is composed of experts by industry and by standards. The aim of our IFRS consulting services is to provide an adapted service to our clients in order to go with them through the transition to IFRS. Our dedicated IFRS team has unmatched experience providing specific and adapted IFRS trainings to financial institutions. The team included subject matter specialists in the areas of accounting, tax, regulatory capital, processes, controls and systems. Our services proposal includes amongst other:
Upon request, we can assist management in its assessment of the application of IFRS and providing advice and recommendations on IFRS accounting policy choices. We can also provide written analysis on the appropriate application or interpretation of IFRS to a specific transaction.
Members of the IFRS technical team, and in particular the team involved in the impact analysis, are at your disposal to provide trainings on specific topics which the bank would identify needs for accounting, finance or other staff people. We provide IFRS-relevant skill sets of IFRS trainings (Statutory accounting and reporting, financial instruments, pensions, income tax, leasing, business combinations, revenu recognition, share based payment, etc.).
Objective of customised trainings may also be to present new requirements following the application of new IFRS standards, including case studies, quizzes and examples in order to illustrate all the impacts linked.
For your IFRS conversion, we propose an assessment of impact on converting to IFRS. Our assistance includes:
Deloitte may assist you prepare to IFRS reporting or to establish IFRS financial statements as well as to design group reporting packages to gather information form subsidiaries or branches.
Experienced people and providing tools that will be used as accelerators in this project. These include:
These services can be embedded in a global solution including the involvement of our tax consulting department for tax plan with the fiscal administration, our IT consulting department in case of IT development or migration, and/or our actuarial department in relation with pension plan analyses.