Assistance in proper application of accounting standards

Proper application of accounting standards

We help implement new standards and adapt to changes in the currently effective ones.

We help implement new standards and adapt to changes in the currently effective ones.

Assistance in proper application of accounting standards includes among others the following services:

  • Accounting advice on the treatment of a specific transaction
  • Optimal structuring of a specific transaction
  • Implementation of new standards and unification of accounting policies (e.g. among group companies)
  • Assistance in conversion to IFRS or other reporting standards.

 

Accounting advice and optimal structuring of specific transaction

Our services include assistance on technical accounting and financial reporting issues arising due to complex transactions. We help our clients understand how the planned transactions affect their accounting records and assist in deciding on optimal accounting policies in the light of financial reporting and underlying business goals. We analyze different scenarios for planned transactions and their impact on the financial results, equity, divided potential and bank covenants.

Our experience encompasses, among others, advising in relation to the following transactions:

  • Mergers and aquisitions
  • Restructuring and reorganization of capital groups
  • Financial and operating leases and leaseback contracts
  • Factoring contracts
  • Long-term contracts.

 

Implementation of new standards and unification of accounting policies

Frequent changes to accounting standards and their increasing complexity are a big challenge for our clients. We help implement new standards and adapt to changes in the currently effective ones. KPMG can help you understand how the changes in the financial reporting standards and sector specific regulations affect your financial statements and assist you in deciding on complex accounting policy issues. We identify improvements and changes to applied financial reporting and IT systems which are required by changes in the currently effective or new accounting standards and offer our clients assistance in implementation of new standards, which currently include:

  • IFRS 15 “Revenue from contracts with customers”
  • IFRS 16 “Leases”.

 

Assistance in conversion to IFRS or other reporting standards

We assist our clients in conversion to other accounting standards, in particular to IFRS. We help identify differences between currently applicable accounting standards and IFRS and analyse whether the differences identified by the clients are in accordance with IFRS. We analyse IFRS regulation in respect of exemptions for first-time adopters. We present our clients with accounting policies choices within the scope of IFRS and analyse their impact on their financial statements. Our services include assistance in calculation of adjustments to financial statements required when converting to new accounting standards, their proper booking and inclusion in the financial statements. We also assist with preparation of new accounting policies, charts of accounts and implementation of changes to the financial reporting process required by the conversion to new accounting standards. The final step of our assistance with conversion to new accounting standards is the preparation of the financial statements in accordance with new standards for the first time.

 

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