Financial Accounting Advisory Services for financial services industry

Financial Accounting Advisory Services for financial services industry 1 Financial Accounting Advisory Services (FAAS) for financial services industry: Helping you with your accounting, reporting and regulatory challenges efficiently Our detailed offering 2 Financial Accounting Advisory Services for financial services industry Financial Accounting Advisory Services for financial services industry 1 Focus on Financial Accounting Advisory Services (FAAS) At Ernst & Young we recognize today’s European banks are facing a major challenge to stay abreast of the change agenda the many accounting standard setters, regulators and tax authorities have in play, the magnitude and pace of which new and revised requirements are introduced, is unprecedented. The commercial risks associated with digesting, managing and implementing rapid change across an organization are often magnified

when combined with the unrelenting pressure to manage and deliver on strategic operational initiatives such as cost containment programs, restructurings, systems and process improvement programs, capital maintenance planning, all the while, maintaining line of sight on investment and growth opportunities. Getting ahead of the game, delivering effective solutions, and influencing the change agenda’s will require support from a team of dedicated professionals with the requisite skills, insight and experience that you can trust. Navigating a changing accounting landscape In the current economic conditions shareholders, regulators and professional bodies are taking greater interest in how companies derive, report, disclose and communicate about their financial position. This environment is driving extensive change across accounting standards. Companies seeking to optimize their business face complexity in both IFRS and US GAAP accounting for mergers, acquisitions, IPOs and carve-outs. Accounting convergence also changes the requirements for reporting on financial instruments, fair value accounting, impairments and revenue recognition. The current environment requires business to be able to address the concerns of their stakeholders and be prepared to change processes in order to adapt accounting and finance practices. This will allow them to ensure they are positioned to respond to market demands both now and in the future. 2 Financial Accounting Advisory Services for financial services industry How can we help? Financial accounting advice We support companies in implementing new accounting standards and regulations in their business. Our support includes assistance in: • Technical assistance in complex accounting issues • Implementing IFRS for published or forthcoming financial statements including advice on notes to financial statements • Enhancing financial information as well as analyzing and improving information gathering process and competitor benchmarking • Meeting local regulatory requirements under local GAAP • Identifying your reporting needs and the impacts in the implementation phases • Understanding the impact on your accounting information systems • Understanding the tax implications to assist to proactively control and manage tax reporting requirements and the effective tax rate • Benchmarking and analysis of prospective impacts of accounting standard developments on financial statements • Assessing consolidation exemption • Assisting with complex financial instruments • Assessing interaction with other regulations: IFRS with Basel III or IFRS with Solvency II Our Financial Accounting Advisory Services teams leverage their extensive expertise to bring together global, multi-disciplinary teams. We offer deep sector knowledge to help you navigate the complex finance issues facing your business. We provide the following key services:...

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