IFRS Statutory Consolidations

We know some of you consolidate between 10 and 100-plus companies on a monthly and yearly basis, and we understand how hard it is to put through last minute journal entries and cross-check everything for accuracy. Let’s not even mention the complexity of multiple currencies, equity accounting, minority calculations and inter-company elimination.

We get it. We also get that most businesses want a finance-owned solution – one that, once set up and configured, enables the office of finance to expand and maintain the solution without the need to source specialist skills. To this end, we make use of IBM Cognos Controller (Controller) that requires no scripting, nor does it demand programming knowledge. Instead, consolidation rules – such as inter-company elimination, foreign currency translation, investment eliminations, minority and equity calculations – are configured in an easy to use GUI interface.

With this tool, we help your finance team to develop and have a consistent reporting framework so that, regardless of whether your controlled entities are using Excel or any other popular ERP system, you can map your trial balances in a once-off exercise and load them against the common reporting chart of accounts.

We show you how to store and consolidate financial and non-financial data, including key ratios, employee numbers and segmental information. In fact, you can store every last piece of information required for preparation of an annual financial statement, and apply automatic consolidation rules where applicable. Need a monthly management structure that has a different roll-up to your legal statutory structure? No problem, we can help you do this, too, but without the need to input underlying data multiple times.

Our clients tell us how this solution has given them the ability – and the time – to get down to analysing their consolidated numbers, while laying to rest the fear that they will report incorrect and inaccurate numbers.