Global statutory financial reporting
BDO provide a high quality, global approach to ensure you meet your financial reporting requirements and are supported at each stage of your compliance chain.
Global businesses face an increasing number of challenges in the preparation of timely and accurate local statutory financial statements. In our experience, businesses often struggle with:
- Keeping pace with complex and ever-changing financial reporting requirements and deadlines
- Having financial statements ready at the start of the audit process
- Managing the risks of misstatement and disclosure errors
- Extracting or locating data and supplementary information for local GAAP disclosures
- Inconsistencies in approach and inefficiencies
- Tracking and understanding local GAAP technical updates and other regulatory changes by jurisdiction
BDO can provide a level of support to suit your needs:
Record to Report Diagnostic Review
Following an evaluation of the existing process BDO will provide analysis of the factors impacting the operational effectiveness of the record-to-report function and the resulting compliance issues. We will seek to identify opportunities to map existing record-to-report processes, drive operational efficiency, develop roles and responsibilities matrices and integrate coordination and reporting platforms.
The record-to-report diagnostic review will flag areas for focus. These might include:
- Stronger leverage of the ERP platforms
- Identification of process milestones and improved controls
- Workflow documentation and technology aids.
Fully managed service delivery
BDO provide a fully managed Global Compliance and Reporting service offering:
- Delivery via a centrally coordinated and locally delivered approach
- Our in-country firms are experienced in the conversion of US GAAP and UK GAAP to local statutory GAAP
- We have applied our service delivery framework to Shared Service Organisations and decentralised in-country finance models
- One point of contact; ensuring one conversation not many
- Effective local statutory audit liaison assisting clients to prepare and monitor local statutory audit processes.