Capital Markets and Accounting Advisory Services

In CMAAS, we offer tailored advice to a broad range of businesses; from smaller entrepreneurial companies, to larger national or multinational companies. 

As the global business landscape evolves, your organization will inevitably face change that may be driven by choice, or sometimes by necessity. It is clear that you can't avoid financial change, but you can face it confidently with help from PwC’s CMAAS practice.

We’re specialists in Capital Markets and Accounting Advisory Services. No two projects are ever the same for us - they include GAAP conversions and complex accounting issues (IFRS, OMFP, Group reporting package), costing projects, IPOs, Pre and Post Deal advice, State Aids, European funds, Future of finance, XBRL, etc. 

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Our Team

We have local, Romanian experts and an international network of professionals around the world and are able to identify market and regulatory developments as they emerge, incorporating them into a forward-looking service for our clients.

We are part of CMAAS CEE region, and we have access to a large pool of experts specialized in various industries.

Our services

PwC Romania’s capital markets and accounting advisory services (CMAAS) professionals advise our clients across the deal spectrum to capture value. With a consulting mindset, we solve our clients’ complex accounting and financial reporting issues around deals or other transformational events.

Financial and accounting assistance IFRS and OMF

Accounting Advisory comprises a range of service offerings across the global PwC network. The following identifies situations of exceptional change where Accounting Advisory can add significant value.

This summary aims at providing a better understanding of how Accounting Advisory services can work and how we put them into practice.

  1. Romanian GAAP
  2. IFRS and new standards
  3. Consolidation
  4. Clean up the mess
  5. Reporting

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Agreed Upon Procedures Service

Assurance of differing circumstances is provided between companies, as well as for their investors, shareholders and even their stakeholders: these include interim balance sheets for purchase contracts, appropriate profit forecasts in corporate reporting, adequate controls in service centres and sustained development. Non-audit services by PwC Romania experts and the reports they issue signalize and confirm to those concerned the reliability of the other parties involved.

We tailor our special services to suit your needs – depending on the information concerned, the level of reliability you require and the expectations of the recipient for whom you intend or are having to provide this information:

  • Verification of financial information (cash flow, EBITDA, borrowing costs, expenses incurred, prices, share options, etc.);
  • Verification of compliance with bank covenants;
  • Review of management’s financial key performance indicators (KPIs);
  • Verification of management accounts;
  • Verification of special financial information for regulatory reporting;
  • Stock-taking procedures;
  • The report will indicate only the factual findings from performing the specified procedures, including exceptions and misstatements found.

Agreed Upon Procedures report will indicate only the factual findings from performing the specified procedures, including exceptions and misstatements found.

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European Funds and State Aids

The projects funded through non-reimbursable financing, either from European Union funds or from Government grants, must comply with the applicable legislation in order to ensure the eligibility of the related declared costs. This can be achieved through a rigorous financial project management and through audits designed to specifically address the areas of risks on your projects. It is crucial that a thorough analysis is performed on a timely basis on the costs to be declared to the grantors, in order to avoid the risks of ineligibility.  

Our PwC Romania EU Funds team can offer professional audit and consulting services tailored to your particular needs, both private and public sectors.

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Deals accounting

It is becoming increasingly difficult to assess transactions and their reporting consequences.

The challenges

The accounting effects of transactions such as acquisitions, divestitures, formation of joint ventures and special purpose vehicles (for instance for leases or factoring) and other forms of collaboration (joint R&D) are challenging. These influence reporting, future results and have an effect on significant indices such as control quantities such as EBITDA, return on sales, or return on capital employed.

However, any assessment of upcoming issues needs to be carried out before the transaction, as these issues may have impact on the transaction as a whole. A transaction’s impact on accounting should be clear before contracts are signed.

PwC Romania's solution

Our Accounting Advisory team advises companies throughout the transaction process. We bring a unique blend of transaction and accounting expertise that helps clients manage the deals process smoothly, compliantly and within the timelines.

  1. Post-deal integration
  2. Divestiture

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Financial and accounting tools

In today's highly digitized world, full or partial IT support is indispensable in many areas. IT solutions are also required for rapid, accurate and efficient execution of accounting tasks and financial statement preparation.

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XBRL (ESEF)

The European Securities and Markets Authority (ESMA) has issued rules for the European Single Electronic Format (ESEF). The new regulation was published in the Official Journal of the European Union 29 May 2019. EU-regulated listed companies must produce their annual reports in the eXtensible HyperText Markup Language (XHTML) for reporting periods beginning on or after 1 January 2020 and International Financial Reporting Standards (IFRS) reporters must use Inline XBRL (iXBRL) to make the consolidated data in the primary financial statements machine-readable.

Companies will need to create tags if they have entity-specific disclosures, for which tags are not available in the ESEF taxonomy. New technical functionality called ‘anchoring’ has been devised to make it easier to understand such XBRL extensions. You can learn more by watching our anchoring webcast. ESEF is already a hot topic for preparers of annual reports and may disrupt the supplier landscape and your current processes.

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Public Sector

We are creating new solutions in the public sector using our international experience and long-term knowledge of the Romanian environment.

We work on a wide range of public sector themes. Our clients are most often ministries, state owned companies, organizations, municipalities, research and educational institutions.

1. Public Transportation

Starting with 2019, at national level, the EC Regulation no. 1370/2007 enters into force. This requires both municipalities and local public transportation operators to comply gradually with the new regulation requirements.

PwC Romania can offer services to both Municipalities and public transportation operators designed to address the requirements of the Regulation: a proper settlement between the parties (calculation of cost/kilometre), procedures for ongoing monitoring, both operational and financial, etc.

2. Municipalities

Our Romanian Public Sector practice provides independent and objective advice to clients across the broad public sector at the municipal, local and national government levels, including respective state-owned entities.

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Capital Markets Services

The step from private to public is an intense and transformational change for your Company.

Our dedicated IPO team will help you to understand what you need to know, and what you need to do, to complete an IPO. We can help you evaluate the pros and cons of an IPO, assess your readiness for a listing, navigate every phase of the complex IPO process and prepare your business for life as a public company.

PwC Romania offers a broad suite of services for companies considering an IPO, bringing together the right team from across PwC Romania with a deep bench of skills and experience.

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Contact us

Monica Movileanu

Monica Movileanu

Partner, Capital Markets and Accounting Advisory Services, Assurance, Romania

Iuliana Teletin

Iuliana Teletin

Senior Manager, Capital Markets and Accounting Advisory Services, Romania

Dana Lucanu

Dana Lucanu

Senior Manager, Capital Markets and Accounting Advisory Services, Romania

Gabriela Marinete

Gabriela Marinete

Senior Manager, Capital Markets and Accounting Advisory Services, Romania

Alina Copacinschi

Alina Copacinschi

Manager, Capital Markets and Accounting Advisory Services, Romania

Elena Marmureanu

Elena Marmureanu

Manager, Capital Markets and Accounting Advisory Services, Romania

Nicoleta Grigorescu

Nicoleta Grigorescu

Manager, Capital Markets and Accounting Advisory Services, Romania

Alexandru Radu

Alexandru Radu

Manager, Capital Markets and Accounting Advisory Services, Romania

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