In this volatile and fast-changing global environment, it is imperative that decisions are made based on timely, accurate and complete financial and management information, as well as meaningful data analytics and forecasts.
At PwC, we can offer you a broad spectrum of financial outsourcing services specifically tailored to your needs, regardless of your company's size or industry, to help you respond to the pace of changes, deliver efficiency and results.
Our team of highly experienced professionals will apply the latest and most relevant best practices and analytical tools to identify innovative solutions and empower your people on their decision-making processes on your journey to sustainability and growth.
IFRS is the common global financial reporting language which enables market participants and entities’ stakeholders to share a common basis of understanding and have access to transparent, comparable and clear information amongst industries and countries. However, accounting and financial reporting rules and standards are becoming more and more complex requiring immense time investment and advanced skills. Companies frequently need to deal with complex accounting and financial reporting issues in their operations as well as when transitioning to new accounting standards, undergoing a reorganisation or optimising business processes. It is therefore of vital importance to assess the available options and their consequences and understand how the transition to IFRS can bring economic benefits.
What we do
1. IFRS Conversion and transition or implementation
PwC has teams of experts who specialise in resolving the challenges of adopting and applying IFRS across a wide spectrum of entities and industries. PwC provides end to end services to the companies’ accounting and financial reporting departments supporting the companies at all stages of IFRS conversion, whether a company is planning to adopt IFRS or have already adopted IFRS and needs to improve internal procedures for optimization of the financial reporting process.
Our services comprise:
- evaluation of project processes, controls and deliverables;
- support on implementing processes, systems data and manuals;
- identification of significant differences between current GAAP and IFRS;
- support on the selection of accounting policies;
- support in calculation of adjustments for conversion to IFRS;
- support on determination of the required financial and non-financial disclosures
2. Group-reporting
Preparing reporting packages in accordance with the group accounting policies and reporting requirements, may present additional burden for companies due to tight deadlines and scarce resource capacities. Our experts have vast practical experience in preparing group reporting packages for a wide range of entities, from major organisations with complex structures to companies with more straightforward corporate structures, whether for statutory or management purposes and can assist the reporting department of the companies in applying best practices.
3. Deferred tax (IAS 12)-related services
Our deferred tax experts can support companies in their effort to identify temporary differences, in assessing the method and assumptions used for the calculation of deferred tax and on the calculation of the deferred tax balances.
XBRL (eXtensible Business Reporting Language)
Data is the foundation for decision-making. In our digital-era world characterized by an abundance of unstructured data, the vision of a single common language in which reporting terms can be accurately defined has been steadily gaining ground for several years now. Numerous competent authorities (US SEC, UK HMRC, ESMA, EBA and EIOPA in Europe, FSA in Japan, Ministry of Interior in Netherlands, etc.) have adopted the use of standards such as XBRL or iXBRL in order to achieve two basic targets:
- gather and analyze information more efficiently
- increase comparability and transparency
What we do
Services
a) Reporting Managers Support
PwC supports the client Finance department with all aspects related to the production of XBRL/iXBRL data. We can support with data integration from various data sources, solution implementation and configuration, mapping of financial disclosures to XBRL/iXBRL approved taxonomies, design and build of XBRL/iXBRL custom taxonomy, tagging of mapped financial disclosures according to technical specifications, validation of generated data and preparation of final data pack for submission to authorities.
b) Outsourcing
PwC provides full outsourcing services regarding the preparation and submission of XBRL/iXBRL data. We have a dedicated team with deep expertise, working on specialized software either via a bolt-on approach (the client shares the financial disclosures and the team performs all required tasks to produce the XBRL/iXBRL data) or a built-in approach (the client uses a Disclosure Management solution to develop the financial disclosures, while our team can perform XBRL/iXBRL tasks in the same solution in parallel).
The new post COVID-19 reality requires more agility and flexibility in the workplace, while the role of the CFO is shifting from “manager” to “consultant”/ “business partner”. In this fast-changing landscape, we are committed to helping our clients’ CFOs shape and implement the ever-changing CFO agenda through our network of specialists. We provide our services both onsite and remotely adjusting our physical presence to clients’ needs. That way our clients can bridge costly downtimes, save on training and recruitment costs and remain fully flexible.
What we do
Our team provides tailored consulting services to our corporate clients based on each of their own company progression. We provide recurring services including:
- preparing documented systems of accounting and reporting policies and procedures
- designing digitalized reporting mechanisms and tools
- business planning
- budgeting and forecasting
- board reporting
- statutory reporting – IFRS, Greek GAAP and US GAAP
- management reporting
- cash flow monitoring
- designing and monitoring of business specific KPIs
- determining and monitoring performance metrics – Quantitative and Qualitative analysis
- covenants monitoring etc.
The financial, accounting and HR departments must be able to fulfil a wide range of reporting duties addressed to various stakeholders. Our team assists the companies to re-shape the management reporting agenda, adopting emerging practices and innovative solutions.
What we do
Our experts can support you remotely or onsite in:
- Designing and preparing recurring financial management reports
- Designing and preparing recurring payroll management reports
- Reporting to banks and other institutional parties
- Reporting to the Board of Directors or the parent company board
- Designing and preparing templates for group reporting
- Ad-hoc and special purposes reporting
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