Business
stories
Objectives and challenges
The objective was to allow the managing director and financial director to get, on a monthly basis, a consolidated cash flow statement. Until now, only the consolidated income statement was produced on a monthly basis. The consolidated cash flow statement was available only on a quarterly basis. ACE Consolidation has set up a full monthy consolidation (consolidated balance sheet, income statement and cash flow statement).—
Achievements
• Drafting the requirements specification in order to define the components of the package local data and related controls ;• Performing tests in conjunction with the IT System Department ;
• Communication and training to subsidiaries ;
• Creation and implementation of a balance sheet analysis file by geographical area to facilitate the analysis and review of the balance sheet:
o Qualitative analysis of impairments ;
o Analysis of the linearity of depreciation by type of assets ;
o Analysis of acquisitions of intangible assets, financial instruments and equity securities of non-consolidated entities ;
o Review of changes in customer operating working capital and suppliers ;
o Review of changes in non-operating working capital (involving a qualitative but also technical analysis on the review of the flows used for specific operations).
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Customer benefits
The implementation of the monthly balance sheet allows to gain in efficiency and reliability on quarterly closings.Objectives and challenges
Following regulatory changes, ACE Consolidation supported the group for the implementation of the IFRS 16 standard. The company chose to apply the IFRS 16 standard at group level, exceptionally for 2019, allowing the subsidiaries to continue to report local data applying IAS 17 standards.
In order to perform the restatement at group level, specific schedules have been put in place to ensure the collection of data and to carry out automatically the IFRS 16 restatement entries according to the type of asset but also to collect the IAS 17 information to be reversed.
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Achievements
- Drafting the requirements specification in order to define the schedules (real estate, finance lease, vehicle fleet and other rights) ;
- Creation of new accounts, review of corresponding flows
and definition of controls ; - Performing tests in conjunction with the IT System Department ;
- Communication and training to subsidiaries ;
- Realization of a bridge showing the published local data and IFRS 16 restatements by asset type to facilitate IFRS 16 push down at subsidiary level starting 1st of January 2020.
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Customer benefits
The implementation of the collection of this information during the transitional year facilitate reporting at subsidiary level and allow the automatic entries generation by legal entity, in local currency to facilitate the push down at subsidiary level.
Objectives and challenges
Following the difficulties encountered with the acquisition of new consolidation software, our client wanted to do an "audit" of the tool.
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Achievements
ACE Consolidation carried out a complete review of the consolidated statements provided by the software focusing on the impacts of the main consolidation restatements, the analysis of the change in equity and deferred taxes. ACE Consolidation has also set up Excel templates (changes in equity and deferred taxes) to help the customer challenging the tool.
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Customer benefits
Following the project, the client was able to benefit from a complete review of the tool by highlighting the features that needed to be corrected and/or improved. Also, he was able to benefit from Excel monitoring tools to facilitate the review of the software.
Objectives and challenges
We provided a full assistance to our client following his need to change his consolidation software.
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Achievements
- Drafting the requirements specification ;
- Organization of the call for tenders ;
- Assistance in choosing the tool ;
- Recovery of historical data.
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Customer benefits
Following the change of tool and the recovery of historical data, the customer was able to benefit from a powerful and reliable tool to achieve its consolidation and also optimize the whole consolidation process.
Objectives and challenges
Our client, a listed group, is performing consolidation accounts following the IFRS standards. In order to ensure the transition between the departure of one of the managers within the consolidation team and the arrival of his replacement, ACE Consolidation achieved an interim management assignment over 3 months.
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Achievements
- Responsible for the Europe area (excluding France) involving the analysis of the income statement, review of the balance sheet by flows, analysis of changes in scope (acquisition/disposal/merger) including instructions sent to subsidiaries, support to subsidiaries ;
- Realization and supervision of transversal tasks involving the calculation of the IFRS 2 expense ("long term incentive") and the related deferred tax, the monitoring of intangible assets, off-balance sheet commitments received and given, net equity group (including comprehensive income), minority interests and the review of non-current financial asset ;
- Realization and review of the various restitutions on the scope of transversal tasks. These restitutions are for the financial director but also for publication purpose (half-yearly and annual report) ;
- Review of the work carried out by the two analysts in the Europe zone ;
- Realization and supervision of SOX controls ;
- Communication and exchanges with the auditors ;
- Facilitate the proper handling of the position by the replacement.
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Customer benefits
This mission allows to guarantee the continuity of the production of financial information in compliance with deadlines and the level of quality and to facilitate the proper handling of the replacement.