Overview Overview
Comprehensive support for the implementation of new accounting standards
There has been further convergence between JGAAP and IFRS in recent years, along with the introduction of new accounting standards, including the new revenue recognition standard, the new lease accounting standard, and revisions to the accounting standard for financial instruments. There has also been the issuance of standards in IFRS, and additional new standards are expected to be issued in the future.
The new standards currently required to be applied are also more complex in their underlying concepts than previous standards. As a result, implementation requires more than simply changing accounting treatments. It can have a broad impact across the organization, including the reassessment of contract terms, the development of accounting policies and related judgments as part of the company’s policy framework, the preparation of accounting estimates, the review of business processes and internal rules, changes to core system settings, internal training, and responses to audit firms.
We provide comprehensive support for the application of new accounting standards, from impact assessments and analyses of contracts and transaction substance to the development of accounting policies, assessment of impacts on business processes and systems, preparation of accounting manuals, alignment with audit firms on key issues, and the delivery of internal training.
In addition, drawing on our experience in supporting the application of new standards in the past, we are also able to support the application of already effective but highly complex accounting areas, such as impairment accounting and deferred tax accounting, in much the same way as we do for new accounting standards. We work with companies to develop practical and supportable policies and judgments, and continue to provide support through to the embedding of those policies in day-to-day operations after implementation.
Key Features Feature
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Comprehensive implementation support
From contract analysis and accounting policy development to business process and system changes and internal training, we support the company-wide implementation of new accounting standards. We help embed even complex accounting standards in a way that works in practice. While working in close coordination with audit firms, we help drive solutions from the perspective of CFOs and accounting and finance teams.
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Support for complex accounting issues
We have extensive experience in addressing complex accounting issues such as impairment accounting and deferred tax accounting. For the application of new accounting standards, we work alongside each company from the development of its accounting policies through to post-implementation operations.
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Support for coordination with audit firms and group companies
We support everything from the application of new standards across domestic and overseas group companies to the alignment of key issues with audit firms. By working closely with all relevant stakeholders, we help build a framework that enables the smooth implementation and operation of new accounting standards.
Scope of Services Our Service
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Impact analysis of adoption(including contract analysis and assessment of accounting impact)
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Support for the development of accounting policies
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Development of manuals, internal rules, and business processes
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Support for requirements definition and system modifications for chart of accounts and related systems
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Support for group-wide implementation, including overseas group companies, to ensure internal alignment and effective implementation
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Support for responding to audit firms
Service
- IFRS / U.S. GAAP / New Accounting Standards
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- IFRS & U.S. GAAP Advisory Services
- New accounting standards implementation support
New accounting standards implementation support- Financial Closing Support (Japan / Overseas)
- IPO (Japan / Overseas)
- Fraud Response and Prior Period Restatements
- Management Accounting
- Financial Advisory