Financial Reporting
Mondo Conta is now member of the International Professional Association INPACT.
Having more than 25 years of experience, we are an accounting, audit, payroll and other financial services providers.
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Financial Reporting to Shareholders is the essential process by which a subsidiary transmits the data necessary for monitoring performance and preparing consolidated financial statements at group level.
Main components of the reporting package offered by Mondo Conta Consult are:
✓ Balance Sheet: the state of assets, liabilities and equity at the reporting date.
✓ Income Statement: the breakdown of revenues, expenses and net profit.
✓ Cash Flow Statement: monitoring cash generated and used.
Key requirements and good practices: To ensure effective consolidation, the reporting process followed by Mondo Conta Consult complies with the following principles:
✓ Same Template: the reports are prepared using the same template as all the companies of the group. Still, we can propose one in case the group does not have one.
✓ Standardization of Policies: we use the same valuation methods (e.g. depreciation methods, inventory valuation) according to instructions received from the parent company.
✓ Tighter Deadlines: group reporting often has much tighter deadlines than local statutory reporting (e.g. closing within the first 1-5 business days of the month).
✓ Currency Conversion: Data reported in local currency are converted into the group’s presentation currency, using the appropriate exchange rates (historical, average or closing rate).