Train client staff in IFRS accounts preparation
Our client, a natural resources group quoted on London’s AIM market, had a requirement to convert their financial statements to IFRS and also required further assistance with their consolidation and reporting processes. Five years after the initial introduction, we’re still working closely with them.
Paul Pascan was appointed by the client to oversee the conversion to IFRS including liaison and training for the Group’s financial staff, design accounting procedures, and ensure correct implementation of reporting requirements using IFRS within the group’s consolidated and subsidiary financial statements.
Paul identified weaknesses in the overseas accounting processes and worked with the CEO to improve these to the necessary standard. The quality of the information flow to Group was significantly improved.
A template was designed to capture information required for producing individual and consolidated financial statements building up from the overseas subsidiaries. An Excel consolidation model was introduced to control and record historical information relating to investments in mining assets and related valuations, including rehabilitation provisioning and impairment review processes which were formalised.
Financial statements for three years were restated to comply with IFRS within the required timeframe. Paul also prepared the related financial statements for publication.
Paul liaised with the board, the auditors and the group’s tax advisors to ensure that all parties were comfortable with the results and disclosures to be made.
Paul was subsequently asked to oversee the preparation of the Group’s interim and annual financial statements from 2009 to 2012. He also assisted with a major acquisition and a reorganisation. Six years after the initial introduction to the client, Paul remains active as an advisor to them on emerging IFRS and AIM reporting issues and – as the company doesn’t have a full-time FD – prepares the interim and final accounts and handles all strategic FD-type matters.