As your organisation tackles the change related to transactions such as debt/ equity funding, divestitures, restructuring or even bankruptcy you are likely to encounter complex accounting and financial reporting challenges. Our Accounting Advisory team provides assistance on critical issues that may arise in these situations.
Our team has deep knowledge of the emerging accounting rules and regulatory climate and we have extensive experience across different industries. We apply a disciplined, consistent methodology across the PwC network. This enables us to maintain our focus on helping you manage change, safeguard compliance, and optimise the quality and efficiency of your accounting function, no matter where or how you do business. Here are a few of the services we can help you with:
Our Romanian GAAP specialists can assist you with the following matters:
The preparation of the consolidated financial statements is time consuming and requires work with a large volume of unstructured data. Implementation of appropriate procedures and tools is becoming a necessity in order to keep a systematic control of processes.
Assistance in solving complex large data issues regarding fixed assets:
Technological losses
Assistance in developing internal standards for technological losses which represent a fiscal requirement for the deductibility of losses expenses, with the following benefits for production companies:
Technological losses documentation can be used over several financial periods. Updates are required only when significant changes occurs.
International accounting standards are complex and are subject to frequent changes of its interpretation. Also, Romanian accounting GAAP often fails to provide clear instructions and leaves a user in uncertainty and “grey areas”.
Our specialists can assist you with the following matters:
Have you encountered any of the following situations?
You are required or have the option to prepare IFRS-based financial statements but do not know exactly how the transition may affect:
Management needs assistance in the preparation of the first IFRS financial statements:
You need to prepare an IFRS-based reporting package.
We can assist you with the following:
Applying newly issued International Financial Reporting Standards may result in substantial changes from existing accounting practices.
The adoption of IFRS 15 ‘Revenue from contracts with customers’ issued on 28 May 2014, IFRS 9 ‘Financial instruments’ issued on 24 July 2014 and IFRS 16 ‘Leases’ issued on 13 January 2016, may place a significant burden on preparers of IFRS financial statements.
The implementation of new standards represents a real challenge not only for finance teams but also impacts many areas across organisations.
Have you considered any of the following questions?
We can assist you with the following:
In today’s rapidly changing economic, legal and tax environment, accountants are finding an increasing number of complex accounting issues under either (or both) the Romanian GAAP (OMFP) or IFRS (International Financial Reporting Standards) that require extensive expertise.
Have you faced any of the following questions?
We can assist you with the following:
In many cases, accounting records need modification due to errors arising from the accounting for income tax, which often causes material errors in financial statements. The changing global operational environment and recent amendments to the Romanian taxation regulations have resulted in an increased need to verify the increasingly complex calculation of deferred tax balances.
What sort of questions might arise when calculating deferred tax?
We can assist you with the following:
Partner, Capital Markets and Accounting Advisory Services, Assurance, PwC Romania
Alina Copacinschi
Senior Manager, Capital Markets and Accounting Advisory Services, PwC Romania