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Case Study

Recent Work - IFRS / GAAP

Project Information

Client

Insurance / SaaS Sector Company

Service Provided

IFRS / GAAP Service

Our UK based client is a Digital-Era Managing General Agency. They underwrite insurance products and distribute them using digital channels that they have established.

The client company has a Holding Group and 3 subsidiary companies.

Challenges

Our first step is always to understand the requirement, discussing SOW and then move ahead. After the client approached us with their documents, a thorough research was carried out and below were the findings:-

The company had inadequate reconciliation of various business processes with finance department
Unstructured financial statements and notes to accounts.
Company financial statements and notes were not as per IFRS
It was found that different group companies were following different GAAPs

solutions

We believe it is difficult for anyone to make decisions until they have faith in our resources' skill set, quality of service, professionalism of our dealings, communication procedure, and so on. So, to assist the client in obtaining all of this, we provide them with a FREE no-obligation trial period.

Our solutions were provided as follows:

Conversion from US GAAP to IFRS had to be performed.
Preparation of financial statements and notes to accounts as per IFRS for all 3 subsidiaries individually.
Preparation of standalone financial statements and notes to accounts as per IFRS for the holding company.
During this period, continuous consulting was provided with respect to passing of new entries, restructuring/deleting old entries.

All the solutions were presented to the client and they accepted it with great satisfaction. Post approval, these solutions were implemented successfully and within the timeline. Apart from outsourcing IFRS / US GAAP / GAAP services to this UK client, the client also consulted us for the Auditing of their Holding Company.

software used

Blackline