Accounting Advisory Services
Helping you deliver value from complex accounting changes
Spanish companies and those that establish themselves in Spain have seen or will see that issues related to the creation and diffusion of financial information have become substantially more sophisticated.
- Many companies, listed, having an interest in becoming listed, or applying them to access the international markets or being involved in global transactions must often deal with IFRS or other international accounting standards such as US GAAP; these complex standards which are often changing and whose issuers and interpreters are often abroad. Furthermore, our own internal accounting framework, the Spanish GAAP, has also evolved becoming more complex to interpret and apply, especially for companies that are establishing in Spain for the first time.
- The transactions in which companies enter are often quite complex: to determine how to pitch presents greater difficulty and often requires interpretation and judgment. The differences between accounting standards and the particularities of each local regulator, when it refers to transactions with operations in other territories, increase the difficulty on the other hand.
- The need for transparency is quite relevant these days. The economic and market evolution, as well as, the increased responsibilities of the directors, audit committee members and managers, such as those derived from the new requirements of internal control over financial reporting for listed companies ("SCIIF"), advice to give greater importance to companies ensuring an adequate compliance with the standards placed.
These circumstances lead to companies requiring the help from independent accounting and reporting advisers to cover the different types of challenges in this area. At PwC, we have the Accounting Advisory Group, which is playing an increasingly important role and participating more often in transactions that are meaningful to our clients; requiring the application or interpretation of complex financial reporting standards, meeting requirements of other markets and strengthening external reporting processes. Moreover, and more significantly in recent times, advising large institutions establishing themselves in Spain. See examples of how we have supported our customers.
Depending on the requirements of independence and regulations which are applicable, such as Sarbanes-Oxley, some services may not be available for audit clients of PwC member firms.