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Integrating new accounting standards and regulations

Premia TNC offers assurance services aimed at mitigating risks, enhancing reporting capabilities, and ensuring compliance with the latest accounting standards. Our expertise covers everything from assessing how business operations impact financial statements to implementing changes in accounting policies.

Premia TNC provides comprehensive support in the following key areas:

  • Financial instrument accounting (FRS 109/ASC 326)
  • Lease accounting (FRS 116/ASC 842)
  • Revenue recognition (FRS 115/ASC 606)

Advisory services are readily available

Our assurance services grant you access to Premia TNC's extensive team of technical professionals, ready to help tackle intricate accounting issues related to both US Generally Accepted Accounting Principles (“US GAAP”) and Financial Reporting Standards in Singapore (“FRS”) and International Financial Reporting Standards (“IFRS”).

These services are offered as an on-call resource, offering flexibility and scalability, and encompass

  • Accounting events
  • Strategic transactions
  • New accounting standards implementation
  • Financial reporting

GAAP conversion

Assurance services are designed to assist businesses in evaluating the effects of adopting new reporting frameworks on their financial statements.

Key areas of support encompass:

  • Evaluation of financial statement implications
  • Formulation of a methodological framework for transitioning between different financial reporting frameworks

Offering support services for accounting and financial reporting

We assist clients in navigating the challenges brought about by significant accounting events. In an environment of ongoing regulatory and technological shifts, clients require ongoing support to manage risks, enhance reporting capabilities, and ensure adherence to intricate accounting standards, whether they are current or forthcoming.

The services offered encompass:

  • IFRS or FRS conversions
  • Remediation and compliance
  • Accounting standards implementation services
  • Accounting technical advice
  • Audit support

What assistance does Premia TNC provide?

Premia TNC stands as your trusted partner in navigating the intricate landscape of financial reporting and accounting complexities. We provide a comprehensive suite of services led by seasoned professionals who are finely tuned to help your organization not only address but excel in the face of these challenges, including meeting reporting requirements, implementing new accounting standards, simplifying accounting complexities, streamlining financial reporting, enhancing board oversight, and ensuring your organization’s success.

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Frequently Asked Questions

Accounting & Reporting Advisory Services

What is the purpose of financial accounting advisory services?

Our financial accounting advisory services are aimed at providing expert guidance to organizations in interpreting and applying complex accounting standards, ensuring accurate financial reporting, and enhancing transparency in financial statements.

Can you assist with the adoption of new accounting standards?

Absolutely. We specialize in helping organizations implement and transition to new accounting standards, offering guidance on the required changes, impact assessments, and ensuring a seamless adaptation process.

What do accounting and financial reporting entail?

Accounting and financial reporting involve systematically recording, summarizing, and presenting financial transactions, enabling organizations to communicate their financial performance and position accurately.

Why might a company need to undergo a GAAP conversion?

A company may need to convert to GAAP due to regulatory requirements, investor demands, or to enhance transparency and comparability in financial reporting, especially to meet investor requirements.

What are the major challenges of GAAP conversion?

Challenges can include adjusting financial records, training staff, and implementing new accounting policies. Ensuring consistency and compliance with the new standards is critical while taking into consideration potential tax implications arising from conversion.