Case study
Sector: Energy infrastructure
Company profile: Private company with turnover of £300m
Background
Ahead of a finance raising, the client wished to undertake a group-wide review of the application of IFRS.
The group had been recently formed, with only a small group finance function in place. The finance functions across operating entities were run independently, with limited communication between teams.
How we assisted our client
We undertook a three month project to examine the accounting policies across these entities, in order to ensure alignment of accounting policies for inclusion in the group financial statements.
This involved a close examination of each entity to understand the activities thereof and to understand and document the application of IFRS. We undertook detailed discussions with local Management and examination of complex infrastructure contracts.
The initial output was a report to Management, identifying where accounting policies or accounting policy elections were being applied inconsistently, and providing recommendations on the alignment of such policies. As part of this process, we also identified instances where IFRS was being applied inappropriately.
Having identified the areas where a change was required for group harmonisation, we assisted the local teams with the practical implementation of changes to accounting policies, assisting them with relevant calculations and drafting accounting policies and disclosures.
Undertaking this project provided comfort to Management in respect of the first-time consolidated financial statements as a basis for discussions with potential lenders in the finance raising process.
Contact us
If you would like a member of the accounting advisory services team to contact you, please use the button below.
Capital markets accounting advisory
Financial reporting is more challenging for public companies than for private ones. When considering whether to raise funding on a public market, it is important to consider what is needed to “go public” together with the requirements of “being public”.
Strategic transactions
Strategic transactions include those such as acquisitions, disposals, group reorganisations and initial public offerings, and when undertaken can have a significant impact on financial reporting.
Finance director support
While the demands on the finance function may ebb and flow, finance teams are often under considerable pressure at key points such as the year end, or when implementing transformational change.
National contact
