Implementation of new accounting principles and GAAP assistance

Strategic decisions for the company’s growth and for a major international development

Assistance in the implementation of new accounting standards or the change or adaptation of accounting standards in the face of buy-side or vendor-side operations already concluded or being finalized represents an element of efficiency and cost saving for multinational groups.

In the case of first consolidation, change of the group structure, entry on the stock exchange, implementation of reporting by international groups or Italian companies belonging to international groups, definition of appropriate methods of control and comparison of the national accounting standards adopted and group principles, the adoption of common reporting models for the consolidation of data, as well as the management of consolidated companies of different nature and periodicity, often represents a stumbling block and an element of low efficiency.

Our strengths are innovation and an approach oriented towards the solution of the main problems arising from implementation both a single principle and a set of accounting principles. Our ability also consists in adapting each job according to the customer's needs, timing and size. This approach allows us to achieve the objective quickly and efficiently, working directly with the top management right from the planning stages (analysis of accounting impacts, development of adequate accounting policies and implementation of any system change is necessary for the review post implementation).

Our holistic approach also includes areas that are not strictly related to accounting, such as training and updating procedures or the implementation of uniform reporting patterns within international groups. Our consulting activity can help top management choosing the best tools for complete and flexible management reporting, as well as in the comprehension of the main accounting differences deriving from the application of different accounting principles within the same group.

During the process of implementation of the new principles we are able to provide:

• assistance in identifying the adjustments and reclassifications to be carried out for conversion to the new standards (or adoption of US GAAP),
• assistance in drafting the disclosures required for group reporting (e.g. 8K or 10K for groups listed in the United States of America),
• development of the new group manual for communication to the peripheral units of the new budget requirements according to group principles,
• review of the financial statements for US GAAP purposes
• claims required by the Sarbanes Oxley Act.

Based on our experience, the process of adopting new principles is planned taking into account the following principles:

• modular approach: the division of the process into phases allows a gradual development of the same and consolidation of the results of each phase before the beginning of the next,
• multidisciplinary approach: the interventions, as mentioned, must be planned and conducted through the use of resources with the appropriate technical knowledge in relation to the impacts of the conversion process to the IAS / IFRS,
• personalized approach: based on the significance of the different impacts and / or priorities of the client, this approach allows the project activities to be articulated according to the Customer's needs and timing.