DESCRIPTION
As Senior Finance Manager, Strategic Projects, I was requested to work on first time IFRS adoption of a $US 1.4bn group consolidation.
RESPONSIBILITIES
- Draft Group Annual Report with full IFRS disclosures and schedules.
- Produce Group Cash Flow Statement in compliance with IAS 5 Cash Flow Statements.
- Coordinate consolidation activities and provide guidance to subsidiaries and finance teams.
- Provide IFRS expertise and guidance on complex accounting issues (e.g. pensions, derivatives).
WHAT WENT WELL
- Comprehensive and detailed Annual Report produced on time and in compliance with IFRS.
LESSONS LEARNT
- Changes in accounting policies can have significant impact on the financial results of the company.
- IFRS compliance is an expensive overhead for the company and the benefits of being compliant (e.g. easier access to equity markets) must outweigh the costs.
Client:
SITA (Société internationale de télécommunication aéronautique)
Date:
2007