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FINANCIAL REPORTING STANDARDS - Complimentary Update 2013

The Financial Reporting Council (FRC) hav

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Corporate Governance

In today's increasingly regulated environment, directors and other persons responsible for corporate governance have significant legal responsibilities.

As a result, they often choose to seek professional help from experts to ensure they have sound corporate governance procedures and risk management policies.

Governance issues range from board structure to internal control procedures, the need to safeguard assets, risk management, constitution of audit committees, and the implications of "shadow" directors.

Corporate governance reviews are particularly important for directors of PLCs. They are also relevant to other companies and organisations with:

• Responsibilities to account for the use of public funds
• Public interest obligations
• Third-party investors such as grant agencies and venture capital
• Boards that contain non executive directors
• A large number of stakeholders, from banks to staff and shareholders.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Business risk review

Think about all the opportunities you know about in your business. Now think about the risks—the things that could damage your organisation forever. Which are you more aware of?
If you’re like most decision makers then the chances are you are more focused on opportunities than risks, which can lay you open to unforeseen problems.

Get wise to the potential challenges you may face with help from our Business Risk team, which can help you take decisions confidently and seize new opportunities in full appreciation of your business risks.

We will establish an integrated Risk Management process to help you obtain a complete picture of the risks you face as you pursue your business objectives.
This will allow you to assess the risks in terms of their impact, likelihood and priority and identify any risk control activities. We will also develop an action plan to manage the risks that threaten your organisation.

Our Business Risk team can provide:

• Business process and systems assurance (including internal audit, compliance and risk management)
• Sarbanes-Oxley and related activities (SAS 70 and AAF 01/06)
• Business continuity reviews
• Fraud prevention and detection
• Information protection.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Cost reduction services

The current downturn has resulted in a fall in consumer confidence and spending and, as a result, cash and the bottom line are king. Companies are seeking to maintain and/or grow profits through working capital management and operating efficiency and are also looking to reduce their cost base.

Our cost reduction services includes:

• Working capital management insights
• Cash management and liquidity
• Assistance in financial modelling
• Outsourcing
• Management accounting
• Controls
• Contract review/compliance
• IT systems review.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Systems / Controls review & reporting

By combining our knowledge of financial, strategic, operational and compliance risks with our deep internal controls experience, we can help you assess your internal controls and develop a risk-focused internal control program that will help enhance your process and control efficiencies and address your reporting and regulatory compliance needs.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Family business services

As the pioneers of family business services in Ireland and with experience spanning two decades, we at BDO pride ourselves in being the recognised authority on Irish family business issues.
We are the only organisation in Ireland with the Family Firms Institute (FFI) accreditation.

Central to our philosophy is a respect for the sensitivity and privacy of personal family issues. We believe that while specialist services can address the technical issues affecting a business, it is only through an appreciation and understanding of the family that deep and lasting solutions can be found.

To date, family business issues have centred on succession planning and in particular the role of the founder in managing succession.

It has also been our experience however, that the identification and grooming of the successor can be the lynchpin to future operational success in the business. For this reason, the focus of our research this year will be on acquiring a deeper understanding of this group and identifying ways to better address their specific needs.

Our Family Business Services include advice on the following:

• Establishing a Family Council Process
• Managing Succession
• Formalising a Family Constitution
• Improving Communication
• Strategic Business Planning and Corporate Finance for families
• Tax Planning for Family Businesses
• Personal Wealth Management
• Conflict Resolution and Mediation services

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Regulatory reporting

Regulatory compliance is becoming increasingly complex and the power and reach of key regulators is ever widening. Within such a regulatory framework, companies are encouraged to strive for the following:

• regulatory compliance within financial and non-financial reporting
• financial reporting that applies both the spirit and the letter of law
• strong corporate governance
• compliance that is congruent with the company’s commercial objectives and risk management strategies.

How BDO can assist you?
We are very prominent within our profession and have a wealth of experience with regulated businesses which is underpinned by our sector specialist approach. We are uniquely placed to provide advisory and assurance services to regulated businesses in order to help manage regulatory risk.

The key benefits BDO offers clients:

• A deep understanding of current and future regulatory requirements.
• Assurance that regulatory requirements are met.
• Independent assurance of regulatory and financial reporting, including audit of regulatory reporting and compliance.
• Assistance in developing appropriate corporate governance.
• Advice and assistance in becoming authorised by a regulator.
• Benchmarking of compliance processes, internal control and quality of reporting.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Accounts preparation

Many businesses do not have the time or expertise to produce accounts. BDO provides accounts preparation and support services which help every business to concentrate on developing its core activities.

We have a wide range of clients in Ireland and the UK, ranging from family businesses to public sector organisations and large international companies. These include:

• Sole traders and partnerships - accounts typically used as a basis for income tax returns and banking purposes
• Not for profit organisations - such as the public sector and charities – the priority here is financial stewardship and strong corporate governance
• Companies - statutory annual accounts for shareholders that comply with both Irish/UK GAAP and international financial reporting standards. We also prepare statutory financial statements for filing in the Companies Registration Office (Republic of Ireland) or Companies House (UK), assisting you to avail of all relevant exemptions.

When preparing accounts, we highlight any issues that will require attention and make specific recommendations for improvement. We also provide advice on the financial management of your organisation.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Special purpose audits

We assist our clients with a number of non statutory audit assignments and other specific reviews. Below are listed a number of examples, we are able to undertake reviews for clients based on their individual requirements.

Completion Accounts Work
As part of an acquisition, a set of completion accounts may be drawn up to help determine the final consideration paid for the company or assets acquired. These are likely to be prepared by reference to the sale and purchase agreement.

How BDO can assist you?
In conjunction with dedicated specialists, we can assist clients in preparing, commenting upon or reviewing such accounts.
Our involvement assists clients in obtaining or paying the appropriate consideration for the acquired or disposed company/assets.

Service Charge Auditing and Accounting
Service charge audits are often provided with a widely differing level of service and fees. We understand that clients need to manage the process, cost and delivery.

How BDO can assist you?
We offer a dedicated client service team that understands your business. As a single service provider we can specially tailor our process to every client and provide agreed service levels.
Our approach is designed to improve the property manager’s own process, making them more efficient and in turn more profitable.

Non Statutory Audit Engagement to review financial statements
Clients may require a report on financial statements or non financial information which does not fall under the requirements of Statutory Audit.

How BDO can assist you?
We provide independent audit assurance on the integrity of financial statements and can report upon certain other quantifiable information.
Our report provides independent assurance on financial and non financial information to meet regulatory and other stakeholder requirements.

Specific Reports
Clients may require a report on a certain component of the financial statements or to confirm that they are compliant with a contractual agreement or regulatory requirement.

How BDO can assist you?
We provide a report on:

• whether a component of a set of financial statements are prepared in accordance with the basis of accounting
• whether particular provisions of a contractual agreement, such as a loan agreement, have been complied with
• the internal controls over the financial reporting process.

Our report will provide an independent opinion on these aspects to meet regulatory and other stakeholder requirements.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Government funding & grants

In the current turbulent times, stimulating growth and innovation for both Irish indigenous companies and international companies with a presence in Ireland will be paramount in helping the Irish economy survive and develop through the inevitable future upturn. Certain government agencies will provide assistance through the provision of both grant aid and capital injection and through varying forms of equity investment.
We can provide you with value-added assistance in a number of ways:

• We can guide you in identifying the types of funding available to your company
• We can provide the requisite accounting report to accompany the grant application submitted to the relevant government agency.

Many of our clients have been surprised by the sheer diversity of grant aid available to their companies and at the levels of grants achieved, which have significantly improved their bottom line.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Pension Scheme Audits

As a pension administrator are you tired of:

• late filing fees,
• chasing auditors for the issuance of an opinion, and
• dealing with insufficiently skilled and inexperienced staff?

As a trustee are you tired of increasing administration costs and auditor fees as a result of the above?

With ever expanding legislation there is an increasing burden and onus on you, the administrators and trustees to meet filing deadlines, avoid the publicity of late filing and reduce company costs.

At BDO we understand these issues and have a dedicated and specialised resource which guarantees:

• quality service
• rapid turn around
• firm delivery dates
• competitive prices.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Forensics & fraud investigations

If you have concerns about potential fraud or have discovered it in your business, it’s vitally important you respond quickly and bring in the experts. A rapid response could be critical to the success of any investigation.

Our highly skilled team of fraud experts have a range of backgrounds in forensic accounting and we exercise complete discretion throughout our engagement.

We will work with you to uncover the fraud, interview staff and suspects and take appropriate action to protect your business.

We work closely with BDO colleagues at our member firms worldwide to provide expertise across the globe.

To minimise the chances of reoccurrence our risk specialists can put fraud prevention measures in place which will strengthen your business against the threat of economic crime in the future.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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IFRS Reporting/Conversion

In corporate transactions, achieving the right accounting treatment often has an important influence on the structure and outcome of that transaction. It is critical that correct accounting treatment is in place at an early stage of a transaction as there will inevitably be an impact on the future balance sheets, income statements and possibly taxation aspects of the transaction.

How BDO can assist you
Financial Reporting Advisory (FRA) is an advisory service on specific accounting matters and for individuals preparing financial statements.

The scope of services available within FRA is wide ranging. We advise on the following accounting areas:

• Irish GAAP
• International Financial Reporting Standards (IFRS)
• The Companies Act 2009.

Within the areas listed above, there are a range of services that we can provide to our clients as follows:

• accounting opinions on the application of Irish GAAP and IFRS
• IFRS conversion projects
• accounts preparation for first time adoption of IFRS
• drafting disclosures on the adoption of individual accounting standards (eg IFRS 7 or IFRS 8)
• training client staff on specific accounting matters
• preparing technical presentations on specific accounting matters.

Financial reporting advisory solutions
The increasing complexity of financial reporting and the rapid pace of change has led to a significant increase in demand for expert accounting advice.

The financial reporting challenge is driven by developments in International Financial Reporting Standards (IFRS), with significant changes across many areas starting from the 2009, and further waves of change expected in the coming years. Key topics include financial instruments, segment reporting, borrowing costs, share-based payment and business combinations. Many of these changes also apply for entities continuing to adopt Irish Generally Accepted Accounting Principles (GAAP) and the standards convergence process is also well under way. Our focus is on providing technical accounting advice to our clients that is practical and commercially astute.

The need for financial reporting advice is often driven by wider concerns, such as mergers and acquisitions, IPOs, significant system changes and new products or business strategies. Working as part of a multi-disciplinary team, we can provide seamless project support, incorporating financial reporting advisory solutions to our clients.

Financial Reporting
In a world of ever evolving accounting standards, our experienced team of professionals can help ensure that your financial reporting obligations are fulfilled. BDO has considerable depth of knowledge across all forms of financial reporting, including Irish/UK GAAP, IFRS and US GAAP. We can draw on the experience of our colleagues globally to help ensure that your financial reports are compliant and truly reflect the business of your company.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Financial Reporting

The increasing complexity of financial reporting and the rapid pace of change has led to a significant increase in demand for expert accounting advice.

The financial reporting challenge is driven by developments in International Financial Reporting Standards (IFRS), with significant changes across many areas starting from the year 2009, and further waves of change expected in the coming years. Key topics include financial instruments, segment reporting, borrowing costs, share-based payment and business combinations. Many of these changes also apply for entities continuing to adopt Irish Generally Accepted Accounting Principles (GAAP) and the standards convergence process is also well under way. Our focus is on providing technical accounting advice to our clients that is practical and commercially astute.

BDO has considerable depth of knowledge across all forms of financial reporting, including Irish/UK GAAP, IFRS and US GAAP. We can draw on the experience of our colleagues globally to help ensure that your financial reports are compliant and truly reflect the business of your company.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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Statutory Audit

BDO’s approach to auditing is risk-based, allowing us to get to the core of the issues affecting your business and financial statements. Our commitment to understanding our clients, results in a more effective use of our time on your behalf.

Our audit approach is based on the following:

• Partner-led assignments
• Audit team accessibility
• Regular communication and “no surprises” philosophy
• Sound project management
• Strong technical support and expertise
• Efficient use of information technology.

The key to effective delivery of a quality audit service is significant Partner and Manager involvement throughout the entire engagement. All our assignments are partner-led, which ensures the highest quality of service using short chains of communication and decision making.

If you are interested in learning more about our Audit Services, contact a member of our audit team.

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With BDO's Audit team, you can be confident in the knowledge that your business is compliant with all the relevant rules and regulations, because we are leaders in the field of business assurance. We were the first Irish accountancy firm to qualify for registration with the Public Company Accounting Oversight Board (PCAOB), which is now a prerequisite for any firm that provides, or wishes to provide, auditing services to US listed companies and their Irish-based subsidiaries. This achievement is a testament to our continuous dedication to our clients.

Our audit services include:

However, to us your business assurance is more than counting the numbers and ticking the boxes. It's about helping you grow your business and ensuring that every part of your organisation is fine-tuned to achieve your business objectives. We adopt a relationship based approach by working closely with you over the long-term, we develop a deep understanding of your requirements and become well placed to advise you on the best way forward for your business, whether this involves funding growth, personal wealth creation or going public. Our experienced Audit team have helped a broad range of businesses from family businesses, entrepreneurs and small indigenous owner-managed firms, to the larger international brands. To learn more about how we can help your business, contact a member of our audit team. If you are interested in learning more about our Audit Services, contact a member of our audit team.

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