TRG Blog

Technology for financial consolidation

Posted by Thuy Tien Tran on

The financial consolidation  process in a corporation usually begins with capturing business transactions and events and closing sub ledgers into general ledgers. It often involves reconciliations of financial statements from different subsidiaries as well as dealing with minority interest and intercompany transactions . As companies grow, so does the number of entities needing to be consolidated. The consolidation process can be complicated for corporations with multiple subsidiaries and associates, especially when their consolidation system is manual, or not integrated.

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Topics: Financial consolidation, planning and reporting

Financial consolidation: Dealing with intercompany transactions

Posted by Rick Yvanovich on

Tracking intercompany transactions is perceived as one of the most common problems with financial consolidation Intercompany transactions are transactions that happen between two entities of the same company. Not adjusting intercompany transactions results in consolidated financial statements that do not offer a true and fair view of the group’s financial situation.

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Topics: Financial consolidation, planning and reporting

Getting started with financial consolidation

Posted by Rick Yvanovich on

Before we discuss financial consolidation, it’s important to note the following definitions (IAS 27):

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Topics: Financial consolidation, planning and reporting

Adapting to economic globalisation: From VAS to IFRS accounting

Posted by Thuy Tien Tran on

Globalisation has made the transition from VAS accounting to IFRS accounting a pressing issue for many organisations. It does not only apply to global companies operating in Vietnam but also to Vietnamese companies with foreign capital investment, which helps increase mutual understanding and trust for foreign investors, who do not have an insider’s knowledge of VAS.

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Topics: Financial consolidation, planning and reporting, IFRS

CFOs and finance professionals: Time to change the way you work

Posted by Cuong Nguyen on

“It’s an increasingly complex world” (Accenture, 2012)

Today, economic turmoil and volatility are dominant and the roles of CFOs and senior finance managers are changing. Thus, it’s critical that CFOs are able to:

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Topics: Planning and Budgeting, CFOs, Financial consolidation, planning and reporting, Financial Accounting Management Software

How technology can help you with IFRS adoption

Posted by Rick Yvanovich on

In our view, companies are best served when they take an integrated approach to build an IFRS framework. Toward that end, they need a fully integrated solution ideal for supporting the IFRS adoption. A key element is the ability of enterprise applications to work in conjunction with financial management ones to meet a wide range of accounting requirements and processes mandated by the International Financial Reporting Standards. 

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Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)

Actions to Improve Business Performance for Organisations

Posted by Rick Yvanovich on

When Aberdeen Group conducted a study in 2011, they identified three classes of performance in corporate financial planning, budgeting and forecasting: Best-in-class, industry average and laggard. The research group outlined steps to help companies improve their performance, regardless of their current class.

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Topics: CFOs, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM), Financial Accounting Management Software

The process for building IFRS framework

Posted by Rick Yvanovich on

Adopting IFRS alongside VAS requires technical, strategic, and operational changes. There also will be an unavoidable impact on information technology (IT) systems, as companies change the way they manage and report on numerous business activities. Hence, companies should employ a methodical approach when building the IFRS framework.

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Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)

How to evaluate and categorise business performance (part 2)

Posted by Rick Yvanovich on

In the last post, three out of five criteria to assess business performance in relation to the corporate planning, budgeting and forecasting process were discussed. The last two, pointed out by Aberdeen Group in its 2011 study, are technology and performance management.

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Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)

The major differences between IFRS accounting and VAS accounting

Posted by Rick Yvanovich on

Vietnam’s Ministry of Finance has been working to converge IFRS accounting and VAS accounting, with a goal of eliminating most, if not all, of the key differences by the time the Government allows or mandates the use of the International Financial Reporting Standards. Progress has been made, but significant differences remain in inventory costing, impairment write downs, contingencies management, debt covenant management, and revenue recognition.

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Topics: Planning and Budgeting, Financial consolidation, planning and reporting, Enterprise Performance Management (EPM)

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 Rick Yvanovich
 /Founder & CEO/

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