Financial Reporting Advisory (FRA)

With global corporate integration enabling exponential growth for Greek companies, financial reporting in an internationally accepted framework is inevitable. For dynamic Greek businesses, the challenge to catapult into the next phase of growth magnifies with the ever-increasing focus on quality and transparency of financial reporting by various stakeholders.

At Grant Thornton in Greece, we understand the importance of aligning financial reporting with regulatory changes and the need for accurate financial reporting.

The rendered services are customized to address your needs.

Our solutions:

• Identify main applicable for the business differences, between IFRS and Greek GAAP in order to facilitate IFRS transition
• Provide assistance in selecting suitable accounting policies in order to fairly present entity’s financial position and financial performance
• Monitor all necessary adjustments for IFRS transition
• Provide assistance for the identification and monitoring of all necessary reporting disclosures applicable for the preparation of IFRS financial statements

Design in cooperation with financial division specialized training, including seminars and training material for different level of entity’s executives and personnel.

The number of initial public offerings (IPOs) is increasing across the globe. Listening on the capital markets is a critical stage in a company's path to financial success. A successful IPO may unlock significant financial value and help a firm achieve its growth goals. There are many reasons to undergo this process, but all stakeholders and management must understand that it is a long-term commitment.

A successful IPO is characterized by extensive planning and meticulous attention to detail to meet compliance needs and demonstrate the value of your business. Multiple factors affect every application process, and the journey each applicant takes is unique.

Grant Thornton can help you achieve your aspirations of seeing your name on the stock market ticker. Our methodology takes into account the dynamic business environment, requirements of your company, compliance demands and regulatory challenges.

Our suite of interconnected services, staffed by cross-functional teams, ensures that we maximize value – for you and your stakeholders – every step of the way. Our experts can help you find and unlock value across the board.

Successful organizations are founded on people who are efficiently organized with processes and documented knowledge. Accounting manual is a critical part of the finance function of a company, as it ensures that the risk of over-reliance on a single individual does not harm the company. Accounting manual is critical control in the overall finance function, and we believe an effective accounting manual is that which can be as dynamic as the organisation itself. We offer an in-house developed accounting manual solution that is robust as well as dynamic, detailed as well as flexible and a must for growing companies.

Our team of professionals takes the pressure away from in-house finance teams by preparing a set of compliant financial statements:

We define key milestones:

• Prepare ready-to-use templates
• Map chart of accounts
• Make financial statement structures (including consolidation workings)

Key deliverables:

• Structured templates for GAAP adjustments/major accounting computations
• Financial reporting templates

Consolidation as a process has multiple challenges, specifically dealing with different reporting formats and methods used by different group entities. Our consolidation solutions make sure that your consolidation process is as streamlined as regular financial reporting. We offer an in-house developed consolidation tool as well as professional services to prepare a structured set of consolidated financial statements.

In the recent past, GAAPs have seen significant new changes, with the coming of IFRS 9 and IFRS 15, which impacted most companies’ financial statements in ways that mattered. IFRS 16 and IFRS 17 are all set to impact financial statements again in the near future.

Our team of professionals tracks development in accounting standards from the exposure draft stages and prepares for its implementation long before they are applicable. We help companies prepare for these new accounting changes and implement them.

With global corporate integration enabling exponential growth for Greek companies, exposure to global economic factors is inevitable. Companies engage in global trade or foreign currency transactions to benefit from arbitrage. However, this may have a long-term impact on economic results of business transactions. Some of the common risks that companies face include foreign currency risk, commodity price risk and interest rate risk among others.

While companies’ risk management strategies limit the impact on cash flows, it is the P&L which is considered the pulse of financial health. The accounting technique to link the risk management strategy to the P&L is called ‘hedge accounting’, a privilege accounting under the accounting standards (IFRS 9). When correctly applied, hedge accounting and valuation techniques can smoothen the P&L and maintain a parity between cash flows.

International Public Sector Accounting Standards (IPSAS) are the public sector equivalent of International Financial Reporting Standards (IFRS) issued by the International Public Sector Accounting Standards Board (IPSASB).

Grant Thornton Greece is ready to act as your trusted advisor in all matters linked to public sector financial reporting (IPSAS/EPSAS). From the implementation of new IPSAS standards to complete IPSAS/EPSAS conversion projects, our team of experts will adapt to your needs to assist in translating complex theoretical requirements into workable solutions.