Reporting Support helps companies with their
financial reporting based on
International Financial Accounting Standards (IFRS).
IFRS reporting is demanding due to more detailed requirements and strict interpretations of auditors and regulators. In practise additional knowledge or capacity resources may be needed to finalise statements, change projects or incidental questions in time. Reporting Support helps its clients often in the following situations to relief their IFRS burden:
- IFRS reporting is adequately in place, however, need exists on an ad-hoc basis for extra resources, for example for proof reading or drafting of papers or help in the financial statements process.
- It is efficient to obtain specific IFRS knowledge service, mainly for preparing financial statements, preparing papers or adjust the dummy financial statements to comply with IFRS requirements.
- Dedicated projects, like a transition to IFRS or implementation of new IFRS standards (like in the past standards for leases, financial instruments, revenue from contracts with customers and others).
Reporting Support is a small company with one consultant and focuses on its job to support its clients. A long-term relationship often exists with clients, characterised by trust, confidentiality, professionality, interest and, when possible, a small joke.
Clients operate in various industries like construction, equity trading, information technology, media, offshore energy services, power and utilities. The reporting questions of the clients is the main driver for the services, the industry to a lesser extent.
Way of workingUnderstanding and translating IFRS into practice is the starting point of my job. The interpretation of a reporting issue may not be the same for everyone involved. I help to elaborate reporting questions; the outcome is determined by IFRS requirements. Check the IFRS standards for specific questions remains important because the IFRS wording is not always straight forward. For ambiguous issues and in case of any doubt, I double check guidance books of a big four audit firm on regular basis.
The boundary of my work depends on the needs of my clients. For some clients, I need to gather more detailed, often quantitative information, in the process of drawing financial statements. I support my clients until we finalised the job. I provide skills and experience of IFRS application and related quantitative breakdowns that are needed. For complicated reporting issues, skills may be required that other professionals have from their specific jobs, like valuations of assets and liabilities for business combinations or share-based payments. Depending on my assignment, I may use the reports of these professionals and supports that the content of these reports become an integral and logic part of the financial statements according to the IFRS requires.