Companies today have lean finance functions and are often facing a shortage of resources and talent. As accounting standards continue to evolve, it is important to leverage the right advice from professionals when addressing the increasingly complex accounting and financial reporting challenges.
Through services tailored to your business needs, our Accounting Advisory professionals have extensive knowledge and industry experience to provide advice in these complex areas. Chartsworth enables you to make better financial decisions for your group as a whole with reliable accounts consolidation or even get access to the expertise of a virtual CFO on an as-needed basis.
We assist our clients by implementing new financial reporting standards and presenting an impact assessment in the financial statements:
Our advisory services include accounting interpretation and advice on complex accounting issues and standards:
Through our range of specialised services, we have in-depth knowledge of accounting regulations and extensive experience working with companies from various industries. Our team of Accounting Advisory experts work alongside your finance team to ensure success in your finance and accounting digitalisation journey by using technologies in a wide range of activities:
Cash is key to the survival and growth of any business, and that is especially important in the current market where businesses are faced with slowing demand caused by the pandemic. Our Accounting Advisory professionals can help in many ways through the following services to enhance your cash flow management positions:
If you are a group of companies consisting of a parent company and subsidiaries, we can combine all the financial information for you. Our accounts consolidation services include:
Chief Financial Officers (CFO) today go beyond reporting and compliance oversight. The role of CFOs has evolved into a more strategic role to drive operational gains and provide insights to the company’s growth plans. However, many SMEs and start-ups do not have the resources for a full-time CFO. Our virtual CFO service would fill the gap by providing a part-time CFO at a reasonable fee to support businesses in the following areas:
For many businesses, it is common to take on administrative tasks that are outside of your scope of work and that include accounting. A limited level of financial knowledge and shortage of qualified talents within the firm may inhibit the quality of the accounts and accuracy of the financial reporting of your company. Especially if you are experiencing rapid growth and expansion phase, it can be difficult to keep up with changing accounting landscape and increasingly complex accounting standards that come with running a business in Singapore.
During such cases, it will then make sense to deploy accounting advisory services to assist you with the digitalisation of finance and accounting functions, implementation of new accounting standards or interpretation of potential accounting issues, for instance. You can also partner with a virtual CFO to get the financial guidance you need without incurring the cost of a full-time employee. Or if you are a group of companies consisting of a parent company and subsidiaries, consider leveraging our accounts consolidation services to improve transparency and simplify compliance with regulatory requirements.
A group refers to an entity (parent) and the other entities that it controls (subsidiaries). Accounts consolidation services can combine the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries and present the numbers as those of a single economic entity. Consolidation procedures involve eliminating the parent’s investment in each subsidiary (in the parent’s separate financial statements) against the parent’s portion of equity of each subsidiary (in the subsidiary’s standalone financial statements), as well as the intragroup balances and transactions.
The parent is required to prepare consolidated financial statements in accordance with FRS, except if it meets all following conditions:-
(i) it is a wholly-owned subsidiary or is a partially-owned subsidiary of another entity and all its other owners, including those not otherwise entitled to vote, have been informed about, and do not object to, the parent not presenting consolidated financial statements;
(ii) its debt or equity instruments are not traded in a public market (a domestic or foreign stock exchange or an over-the-counter market, including local and regional markets);
(iii) it did not file, nor is it in the process of filing, its financial statements with a securities commission or other regulatory organisation for the purpose of issuing any class of instruments in a public market; and
(iv) its ultimate or any intermediate parent produces financial statements that are available for public use, in which subsidiaries are consolidated or are measured at fair value through profit or loss.
If you are a parent company, accounts consolidation services may be a good option to consider. Consult with Chartsworth’s Accounting Advisory experts to explore how accounts consolidation can empower your business.
Whether it is to turbocharge your operational efficiency or provide assistance for compliance-related matters, working with Chartsworth can ultimately be a powerful strategy that will benefit your business in the long run. Besides offering tailored advice, we can also assist you with all accounting services. For businesses of all sizes, we handle the accounting transactions at the end of every month or year, prepare management reports for your business decision-making, and compile financial statements for statutory filing purposes. For more information on accounts consolidations, virtual CFO and more services, you can discover the various pricing options for our wide range of resources.
When outsourcing complex yet crucial tasks like the implementation of new accounting standards, the right corporate service provider can generate the desired outcomes without compromising quality. Here at Chartsworth, our qualified team of experts will handle the necessary processes such as accounts consolidation so that you can focus on the core aspects of your business. To be a trusted business partner for our clients, we also offer accounting, tax and incorporation services to complement our accounting advisory services.