PAST PROJECTS
We believe we have the appropriate skillsets in delivering and meeting your expectations.
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We have undertaken the following projects:
IMPAIRMENT ASSESSMENTS OF GOODWILL
As part of a Client's financial reporting purpose, we have assisted the Client to perform the annual impairment assessment of goodwill balance.
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Our assessment comprises:
i. determination of cash generating unit (CGU)
ii. review of appropriateness of methods in computing recoverable amounts (e.g. market, income and cost approach)
iii. apply the appropriate assumptions, e.g. weighted average cost of capital, cashflow projections and the Client's growth projection.
iv. corroborate our assessment against industry and Client's business environment
v. conclude on the impairment outcome
IMPAIRMENT ASSESSMENTS OF TRADE RECEIVABLES
IFRS 9 requires the assessment of credit risks (simplified or general approach) arising from the Client's financial assets, mainly comprising trade receivables from its primary revenue stream.
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Our assessment comprises:
i. perform analysis over the Client's receivables portfolio (e.g. customer breakdown, product mix, receivables days, collection cycle)
ii. compute the expected credit loss (ECL) based on IFRS 9 requirements, including the assessment of Probability of Default (PD), Loss Given Default (LGD) and Exposure at Default (EAD).
iii. corroborate information against independent sources, e.g. industry default rates, credit rating of counterparties.
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CRASH COURSE: ACCOUNTING 101
Client A is not familiar with accounting concepts and its applications. However, the Client recognises and acknowledges the importance of a sound and adequate accounting & financial reporting process.
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Accordingly, we provide explanations and guidance to the Client on:
i. basics of financial statements elements
ii. key accounting theories applicable to the Client (e.g. revenue, expense, payroll)
iii. common pitfalls in recording accounting treatments
iv. FAQ session with Client
v. financial statements analysis, e.g. analysis on profit margin, current ratio, operating cashflows, return on equity.
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We have provided similar support to other clients on these accounting topics.
FINANCIAL STATEMENTS REVIEW
The Client is required to prepare financial statements for reporting requirements. However, Client is concerned that the financial statements may not be in compliance with the current Financial Reporting Standards and Accounting Standards requirements.
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Accordingly, we have undertaken to review the draft financial statements, and assess if there is any gap and/or misstatements noted.
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This includes review of:
i. balance sheet, P&L statement, statement of changes in equity
ii. cash flow statements
iii. disclosure notes
iv. financial risk management disclosures
v. subsequent event disclosures
vi. significant accounting policies