IFRS and consolidation services in Luxembourg

IFRS services

In today's globalised world, increased regulatory pressures and a desire for more financial transparency has resulted in more businesses adopting the International Financial Reporting Standards (IFRS). Today IFRS is used in more than 100 countries, including the majority of the G20 nations. Over the past 10 years, TMF Group has prepared IFRS financial statements for a growing number of global asset managers and corporate clients.

Traditionally IFRS reporting was primarily for large or listed entities. However, it is now often part of the corporate accounting policy of multinational organisations and can also be a regulatory or financing requirement (e.g. for real estate, infrastructure and private equity deals executed by global asset managers).

TMF Group understands that reliable financial reporting depends on strong internal accounting procedures. Our Luxembourg operations have a designated team of qualified accountants with strong technical accounting capabilities that can deliver on complex IFRS reporting engagements. These services may include, for example:

  • Analysis of the impact of adopting IFRS
  • Accounting policy conversion support (first time application)
  • Bookkeeping and accounting in accordance with IFRS requirements
  • Preparation of the IFRS financial statements (stand-alone or consolidated)
  • Tailored periodic financial reporting (monthly/quarterly/semi-annual/annual)
  • Auditor appointment and liaison
  • Filing

Consolidation services

A rapidly changing regulatory environment and constantly evolving accounting standards are changing the way many businesses organise their financial reporting process. Outsourcing your consolidated financial reporting is not just about cutting costs, but also process improvement. In any consolidation, the legal structure, economic characteristics and most importantly, the level of control determines the way investors account for their investments. Prior to making an investment, the investor must understand the impact on its financial results, in particular the income statement, balance sheet, ratios and any other applicable covenants. The investor must also define the plan for integration of the investee and determine the appropriate financial reporting process.

TMF Group and its Luxembourg operations have a growing number of multi-jurisdictional clients that require consolidated financial statements. Both our local and global platform has the following unrivalled consolidation capabilities:

  • Global coordination of the consolidation procedure and process with a single point of contact
  • Monitoring and management of the full consolidation process
  • Reviewing and defining the financial reporting package for each investee and optimising the process.
  • Preparation of the consolidated financial statements (IFRS or local GAAP)
  • Adhering to a tight investor reporting schedule

Let us take the reporting requirement burdens off your hands, leaving you free to focus on your core business.

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