Accounting Advisory
- In the face of new regulatory demands, call for greater transparency, regular changes in organizational structure and constant upgrades to IT systems, the finance function has a tough challenge getting the right information to the right people on time.
New regulations including fair value (volatility) thinking are driving the focus on reporting accuracy, timeliness, transparency and budgeting and performance management in a way that enables companies: to promise what they can deliver instead of deliver what they promise.
Converting to Sarbanes Oxley, international accounting standards and other regulations has put enormous pressure on finance departments, while developments in technology mean that users and stakeholders expect data to be delivered instantly-with no errors.
Not surprisingly, trying to maintain a high quality financial reporting structure has led to many concerns over issues such as:
- Late delivery of information
- Inconsistencies between internal and external reports
- Manual intervention, increasing number of errors
- Outdated processes
- Lack of transparency
- Why KPMG? – Transforming the finance function
KPMG’s Advisory Services practice can help clients develop their finance departments to help ensure they meet the challenges of the twenty-first century. We’ll look in detail at the reporting infrastructure and the various demands being made on it, and help clients take a balanced approach to satisfy immediate and future requirements, while also keeping development costs at an affordable level.
Triggers for action
KPMG’s initial approach may well be to help clients with more immediate needs such as:
- Meeting new accounting standards
- Integrating systems following a merger, acquisition, divesture or restructure
- Coping with new applications
- In the longer term our goal is to look at broader strategies, acting effectively as a “CFO Adviser”. We can help finance departments take advantage of new processes and technology and achieve a balance between performance, risk and control.
Many finance functions have traditionally focused on internal customers, with manually intensive processes, and a variety of different systems. But of course there is now far more demand for external reports, transparency, speed of response and consistency.
KPMG’s Accounting Advisory professionals can help finance departments respond to these raised expectations, and take a cross-functional approach. Using a series of tools and methodologies, and taking a cross-functional approach, clients can align finance objectives more closely with broader business growth. This means the support of KPMG is focused on enabling companies to improve their business planning and enable them to anticipate volatility of their performance.
Service areas include:
Quality Close
KPMG professionals will assist clients in creating an efficient and effective financial close process, and with reporting of financial and other performance measures on a real-time basis thus helping management make more informed decisions.
With the introduction of quality close, KPMG helps clients to redesign the finance function and implement changes with a view towards increased efficiency, reducing risk and increasing ability to support decision making throughout the organization.
Business Process Outsourcing
Whether clients want to outsource shared services or keep them within the organization, KPMG will help create a center that gives them the performance improvements and savings that they’re seeking. The service helps improve strategic management and key business processes used by companies to meet their financial goals.
Budgetting and Forecasting
KPMG helps clients to establish, reliable and flexible budgeting and forecasting processes that are integrated with strategy and performance.
Accounting Support
KPMG helps to supplement an organization’s in-house experience or address resource constraints, providing the organization with greater latitude in addressing more pressing or non-routine issues.
- Global Conversion Services
From the beginning of 2005, all listed companies in the EU and many other organizations across the globe, started to prepare their consolidated financial statements in accordance with International Financial Reporting Standards (IFRS).
Recently, draft Turkish Commercial Law (TCL) required that all enterprises subject to TCL have to apply Turkish Accounting Standards, which are in line with IFRS, as published by Turkish Accounting Standards Board.
KPMG Turkey has wide ranging experience in advising enterprises on the challenges facing them in implementing international accounting standards.
Adopting a new GAAP is not a one time event─ new accounting pronouncements are issued, acquisitions are made, systems change, and other events occur that impact an organization’s ability to comply with accounting and reporting requirements on an ongoing basis. Even more important ─ the issue is not limited to IFRS but to any GAAP.
Our extensive experience with conversion projects highlights that implementing a new GAAP involves much more than conforming to new accounting standards. It has a significant impact on the entire business organization.
KPMG’s Global Conversion Services ─ Our Credentials
Assistance. KPMG has wide-ranging experience in advising enterprises on the challenges facing them in implementing new accounting standards. We use a practice-tested approach and tools.
Experience. Conversions can be costly and time consuming. Many of our firm’s clients have benefited from adopting our tried and tested approach.
Expertise. A thorough grasp of the new GAAP is a basic requirement for a successful conversion. We can offer our clients the unique combination of:
- Extensive knowledge of technical reporting requirements for IFRS, U.S. GAAP Sarbanes-Oxley, local GAAP and local regulatory requirements
- Significant conversion experience
- Industry knowledge
- IT professionals with an auditing background and strong experience with GAAP conversions and in-depth software knowledge
- Joint team approach
- Global Delivery. Conversions generally impact many client locations, particularly important to the global accounts. KPMG’s Global Conversion Services approach is applied uniformly across KPMG locations, helping to ensure consistent, high-quality standard data for the consolidated financial statements.
- KPMG’s Global Conversion Services—Our Approach
Our better practice methodology was internationally developed based on practice-tested methods from successful conversions. Our approach is scalable, which means it can be tailored to individual client requirements. Our methodology contains a wealth of guidance, tools, and templates tailored for GAAP conversions. Our standardized, cost-efficient approach is flexible and adaptable—because no conversion projects are identical.
Our approach is based on four key components; Accounting & Reporting, Business Impact, Systems &Processes, and People. These components focus on the key challenges and impacts of a new GAAP implementation and provide a structured approach that helps ensure a successful conversion.
This approach helps ensure that company management is always the master of the conversion process and has the information they need to make decisions. KPMG firms work hand in hand with client resources—and can provide a wide range of services including facilitation and project management, subject matter knowledge and advice, hands-on preparation of conversion materials, and quality assurance of tools and processes.
Companies that are;
- Subject to new GAAP(IFRS or U.S. GAAP) accounting and reporting requirements
- Undergoing or have undergone mergers or acquisitions
- Planning an initial public offering
- Subject to Turkish Commercial Law
- Subject to Basel II requirements
- may consider KPMG's global conversion services
- For further information on KPMG's Advisory services, please contact us.
Key Contact
İdil Gürdil
Partner
Head of Risk Management & Compliance
Tel: +90 212 317 74 00
e-mail Link
İdil Gürdil
Partner
Head of Risk Management & Compliance
Tel: +90 212 317 74 00
e-mail Link
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