Subsidiaries of Foreign capital companies have to report financial results (consolidated packages) in prescribed form on a monthly or quarterly basis to overseas parent companies. These reporting procedures are usually made according to the instructions given by the parent company, and based on IFRS and US GAAP.
However, the accounting staff of subsidiaries are not necessarily familiar with overseas accounting standards. In addition, the consolidated package includes difficult items to input or understand for normal accounting staff unless they have a final output image of the annual report (financial statements).
We support reporting procedures and preparation of consolidated package (financial results) for clients with accurate understanding in IFRS and US-GAAP while ensuring instructions provided by the parent company and assisting understanding in instructions or SOPs.
Our Advantageous Points
The deadline to submit monthly/quarterly reports for subsidiaries of foreign capital companies is very tight. Companies usually have to submit necessary reports within a week after the month-end and sometimes encounter difficult situations where existing staff members are unable to complete procedures if closing timing falls under New year holidays or consecutive public holidays. And, even December closing companies, in Japan, are likely to face on such situations.
We support client closing procedures while matching with client situation even though it is really tight schedule. And then, we provide emergency one-time services in case of employee’s retirement or sudden absence due to illness.
Examples of company who should consider our service
- The subsidiary which has to submit monthly/quarterly reporting package in English to parent company
- The subsidiary which has to prepare reporting package in accordance with IFRS or US-GAAP
- The company which has to report monthly results as well as a comparative analysis with the budget to parent company overseas.
- The company which would like to employ new replacement for accounting staff after his/her retirement, however, having difficulty in finding out new personnel.