What does the service of Consolidation and Reporting under IFRS/IAS/Polish GAAP involve?
IFRS/IAS/Polish GAAP reporting and consolidation services primarily involve supporting clients in preparation of financial statements according to International Financial Reporting Standard or Polish GAAP, as well as consolidation packages and consolidated financial statements for group or statutory reporting purposes.
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What are the benefits of IFRS/IAS/ Polish GAAP involve Consolidation and Reporting Services?
Skills related to the consolidation of financial statements are quite unique, and such services require very specific expertise. Due to the continuous development of the economy and technology, along with related regulatory changes, consolidation experts must constantly monitor applicable regulations and their updates to apply them appropriately in the companies they serve. Given the shortage of specialists in this filed in the market, instead of investing in employing and continuously developing your own experts, we recommend cooperation – either permanent or occasional – with Grant Thornton team.
Our strengths lie in deep knowledge and years of professional experience in preparing individual and consolidated financial reports in accordance with IFRS/IAS and local GAAP for many companies from various industries – completely, reliably and on time. This allows our clients to gain confidence in meeting their reporting deadlines and obtaining a reliable picture of financial data presented in reports presenting to stakeholders.
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When is it worth using the Consolidation and Reporting Service IFRS/IAS/Polish GAAP involve?
We mainly cooperate with publicly listed companies, for which the accumulation of reporting deadlines poses a great challenge and who want to be sure of the quality of the financial data presented. We understand that interim data and annual consolidated reports published on the stock exchange are the main source of information for investors, hence the need for reliable data presentation. We also support international companies that are obliged to consolidate for group purposes, even though they are not legally required to do so.
Scope of support
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Consolidation support under IFRS/IAS/PL GAAP
- Preparation of financial statements – individual and consolidated under IFRS/IAS
- Preparation of individual packages for consolidated reporting (IFRS/IAS/PL GAAP)
- Support in consolidation adjustments
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Accounting advice on the implementation of IFRS/IAS standards and their correct application
- Analysis of the entity’s activities to identify areas covered by IFRS/IAS regulations
- Support for the accounting team in the process of IFRS/IAS implementation
- Verification of the correctness and completeness of transaction recognition according to IFRS/IAS
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Accounting policies under IFRS/IAS
- Development of accounting policies under IFRS/IAS regulations
- IFRS/IAS accounting policies updates
- Preparation of accounting analyses related to the recognition of non-standard transactions (including restructuring transactions)
Analysis of the results and prospects of outsourcing finance, accounting and payroll functions, using the example of leading BPS providers in the Grant Thornton network
Service delivery process
- Client’s needs analysis
During the meeting, our experts identify the client’s needs and expectations.
- Service Implementation
Depending on whether the service is to be ongoing (e.g., quarterly) or one-time, we agree on the scope and schedule of work, cooperation rules, and data flow. The client meets their dedicated expert and provides us with the necessary data and documents.
- Ongoing delivery
Depending on the scope of the agreement, we support clients in the implementation and application of IFRS/IAS, prepare individual and consolidated financial statements in accordance with these standards, develop or modify accounting policies according to IFRS/IAS requirements, and prepare accounting analyses regarding the recognition of atypical transactions.
During the meeting, our experts identify the client’s needs and expectations.
Why Grant Thornton?
On 20 April 2023, at the Outsourcing Stars event, we were recognised as one of the top three firms in the Accounting, HR and Payroll category. Outsourcing Stars is Poland’s only non-commercial competition for the Modern Business Services sector. The competition aims to identify and reward the most dynamically growing business environment organisations, shared service centres and cities in Poland.
When you decide to outsource your accounting to Grant Thornton, you can be sure that the experience and knowledge of our specialists will be reflected in the functioning of your business, and that your accounts will be kept in a reliable manner and in compliance with applicable regulations. Accounting and finance outsourcing with Grant Thornton is a service tailored to your needs.
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30 years
in Poland
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900+
employees in 8 offices
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2200+
satisfied clients annually
