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Standardizing Legal and Management Reporting

Integrated reporting instead of performing parallel consolidations

While legal consolidation is directed towards the legal requirements of consolidated financial statements (e.g. in accordance with IFRS) and focuses primarily on the hierarchy or ownership of subsidiaries, management consolidation aims to map the information required by different levels of management (business unit, line of business). Performing parallel consolidations, along with the need to coordinate and reconcile these two areas, inevitably results in increased cost to prepare consolidated financial statements.

ConVista advises you on all questions related to defining and preparing an integrated legal and management consolidation. Based on our extensive project experience and the best-practice approach developed by us, our consultants support you with implementing integrated internal and external reporting: from defining uniform master data (e.g. consistent charts of accounts and consolidation charts of accounts), enabling harmonized reporting, to closely integrating your internal processes.

  • Eliminate parallel consolidations
  • Harmonize internal and external reporting
  • Standardize the group chart of accounts
  • Integrate actual and plan data
  • Closely integrate processes for internal and external reporting, etc.
  • No additional reconciliation of actual closing with controlling
  • Central consolidation for both internal and external reporting
  • Integration of internal and external accounting to ensure consistency of financial and controlling data (matrix consolidation)

Dirk Abels

+49 221 88826-139

References