Statutory Reporting Simplified with IFRSA large global company consolidates and enhances its statutory reporting processes |
Abstract
A large global company with more than 100 subsidiaries in 70 countries sought to consolidate and enhance its statutory reporting processes to reduce complexity, decrease potential reputational risk, and increase transparency and efficiency of its global finance organization.
The Challenge
With limited visibility into the statutory reporting processes and requirements, the client was not fully aware of its existing risk exposure at the subsidiary level, or opportunities to simplify its reporting.
How We Helped
Deloitte worked with the client in conducting an assessment to determine an appropriate approach for adapting to (and eventually) adopting IFRS as a basis for financial reporting. The project included the following components:
- A comprehensive evaluation of the “IFRS landscape” facing the company and its subsidiaries
- An assessment of readiness for an IFRS conversion
Solution
As a result, the client is recognizing improvements in its financial and tax reporting processes, its treasury processes, and internal controls. In streamlining the global finance organization, other benefits (including cost savings and opportunities for simplification) were identified.
As used in this document, ‘Deloitte’ means Deloitte & Touche LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.
