In today’s fast changing business and regulatory landscape, dynamic organisations face several challenges with respect to financial reporting which could potentially impact the value of the businesses. There is an increasing need for accurate and timely financial information and our Financial Reporting Advisory Services (FRAS) team has developed innovative solutions to make financial reporting process smooth, time-bound and auditable.

Grant Thornton Singapore's FRAS practice comprises a dedicated team of accounting and financial reporting professionals who provide end-to-end solutions and support services relating to complex financial reporting requirements of dynamic businesses.

We bring together our technical knowledge and industry expertise to address the financial reporting challenges of corporations and help them manage expectations of their stakeholders and regulators. 

FRS 115 What do the changes mean for your business? Accounting for revenue – the new normal

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Our service offerings include

Support on new standards - With major changes to accounting standards for Revenue recognition, Financial instruments and Leases, Companies are looking at significant changes not only to their accounting policies, but also their operation models to ensure there are no unexpected surprises.  Changes introduced by these standard will entail enterprise wide changes to how Companies operate. We offer solutions to support companies manage this change by assisting them with impact assessment, computation of transition adjustments, training the relevant teams and support on preparation of disclosures. 

IFRS/US GAAP Conversions - With our deep understanding of IFRS and SFRS we support companies in converting to IFRS or SFRS and suggest appropriate accounting policy choice where accounting standards provides an option to choose between alternative accounting treatments.

Financial Statement Preparation - In times of increasing complexity in accounting standard & disclosures and scrutiny from regulators and other stakeholders, we assist Companies in drafting a full set of compliant SFRS and IFRS financial statements.

Consolidation - We have designed a tool in Microsoft Excel to assist Companies in preparation of standalone and group financial statements. The tool uses a starting point as the trial balance of individual units or entities and produces consolidated financial statements of the group. The tool is an ideal solution for clients which use of excel workbooks to prepare consolidation workings, reporting under multiple GAAPs outside their accounting system and struggle to follow a common/ consistent chart of accounts across the group.

Accounting Policy Manual - Our online Accounting Policy Manual tool can be used to create customized web based interactive accounting manuals for Companies with accounting guidance to ensure consistency in accounting practices. This is ideal tool for multi-location businesses which enables Companies ensure consistent application of policies and also solicit feedback on changes due to changes in business environment. 

Transaction based services - We also support companies with their ongoing accounting issues by advising them on accounting for business transactions such as acquisitions and divestments, tax products and complex financing structures, provide technical trainings to finance teams on new and emerging topics and support in external auditing process.

Why choose Grant Thornton?

  • We pre-empt problems and draft solutions to them
  • Our professionals have auditing experience, which helps them appreciate practical complexities in financial reporting
  • Our team combines accounting knowledge with technological skills to deliver efficient and sustainable financial reporting solutions
  • Our senior professionals are chosen experts with deep technical accounting knowledge and vast experience of advising clients on accounting matters
  • Our size and structure create advantages for you. We adapt a flatter structure, with shorter decision making chains, empowered teams and no complex chains of command. Our teams are more responsive.