We often come across companies who have tight reporting deadlines for group audit clearance but leave the preparation of subsidiary statutory accounts until a quieter period later in the year. As time passes and filing deadlines loom closer; finance departments often find that the anticipated “quiet period” never materialises. We also see examples of the finance team finding the time to start preparing the statutory accounts only to discover that their knowledge of disclosure requirements, etc. is out of date.
The benefit of seconding in a temporary resource to prepare statutory accounts is that your finance team can focus on and prioritise their key responsibilities and also not need to worry about keeping up to date with the ever changing reporting requirements. The below case study gives an example of how we can save you time and give you peace of mind through providing you with an extra member to your team, purely focussed on preparing the annual financial statements.
Following a restructure, an in-house finance department did not have the capacity to prepare the group’s annual statutory financial statements. Knowing that the team at AAB have extensive experience in preparing financial statements compliant with local GAAP requirements, we were engaged to provide staff members to undertake this work.
Our staff liaised with the in-house finance team to produce statutory financial statements for various entities, as well as consolidated financial statements for the group. We also recognised that the subsidiary companies’ accounts had been over disclosing in the past and therefore made recommendations for taking advantage of the disclosure exemptions available.
The head of finance relied upon our knowledge and skillset available. He could focus on the group’s strategy, knowing that the compliance work was being completed by a specialised team.
Our team have years of experience in producing statutory financial statements at entity and group level, under UK GAAP and IFRS. We have access to a wide range of technical resources, meaning that we can research any complex areas quickly and provide a sound solution.