For many small to medium sized businesses, valuable time and resources are often lost trying to understand or comply with complex accounting standards. Accuracy and timeliness of statutory financial reporting is essential, but often difficult to achieve.

Even though the end of the financial year comes at the same time every year, when it is time for the auditors to visit, time and resources are limited and the finance team is invariably overloaded with work. This is the time to turn to your business adviser for help. Accurate statutory financial reporting is an area where outsourced support is invaluable.

Our audit team at Baker Tilly Staples Rodway can help with the following services across a range of industries and sectors.

Statutory financial statement preparation

Preparation of financial statements that comply with New Zealand statutory requirements such as:

• New Zealand Equivalents to International Financial Reporting standards (NZ IFRS)
• International Public Sector Accounting Standards (IPSAS)
• Tier 3 and 4 Public Benefit Entity standards (for not-for-profit and public sector entities)

Accounting compliance

Accounting standards and rules continue to evolve, making it increasingly difficult to stay in front of new developments. Services we can provide to ensure your business is kept compliant include:

• Disclosure of sensitive information, such as related party and contractual information
• Development of accounting policies;
• Preparation of cashflow statements;
• Assistance with deferred tax calculations.

Transition to a statutory financial reporting framework

If your business is growing you may no longer meet the requirements to prepare special purpose financial statements, and may need to comply with a statutory reporting framework. We can advise and assist you with translating your internal financial reporting information, so it complies with the applicable framework and reporting requirements.

Consolidation

Translation of overseas subsidiary financial statements to group presentation currency and preparation of the group consolidation spreadsheet and consolidated financial statements.

Year-end workpaper file

Using your internal management information, we can prepare a year end workpaper file to provide to your auditor to support your statutory financial statements.

Audit support

Often your auditor can only provide limited guidance and support around appropriate accounting treatment and presentation of financial statements due to independence considerations or conflicts of interest. We have the skills and expertise to be able to provide support in this area. Our audit specialists can provide an interface between your finance team and your auditor, either through your auditor directly or provide support behind the scenes.

Application of New Zealand Equivalents to International Financial Reporting Standards (NZ IFRS)

We can assist with the application of accounting standards in two ways:

• Application of a new standard applicable to your business or
• Application of an existing standard, such as NZIFRS 15 Revenue from Contracts with Customers and NZIFRS 16 Leases.

Our dedicated technical team can assist with nationwide support and provide guidance with complex accounting issues and queries. To learn more about how our specialists can help your business reporting, contact us today.