Modernizing JVA and IFRS Reporting: An Oil, Gas & Mining Sector Success Story

Overview

Diligent Global executed a comprehensive JVA (Joint Venture Accounting) and IFRS (International Financial Reporting Standards) solution for a leading player in the Oil, Gas & Mining sector, focusing on precise financial reporting in line with international standards and local compliance.

Challenges

The existing system lacked the functionality to meet IFRS requirements.
Inefficiencies in currency conversion affected financial accuracy.
Historical data for Financial and Non-Operating Interest based on Share capital needed refinement.
Legacy system limitations hindered the accurate consolidation of ledger accounts.

Solutions:

Implemented a robust JVA/IFRS solution, allowing for accurate financial consolidation and ledger updates.
Streamlined the currency conversion process to comply with IFRS guidelines.
Developed custom solutions for historical data management, ensuring compliance with IFRS and JVA accounting standards.
Enhanced ledger consolidation for accurate financial disclosure and reporting.

Results:

Achieved full compliance with IFRS standards, improving international financial credibility.
Optimized currency conversion, leading to increased financial precision.
Refined historical data management, providing a clear financial picture for stakeholders.
Streamlined financial consolidation and reporting processes, enhancing overall operational efficiency.

Summary:

This case study illustrates Diligent Global’s commitment to delivering cutting-edge financial solutions that align with international standards and cater to the specific needs of the Oil, Gas & Mining industry. The successful JVA/IFRS implementation exemplifies how strategic IT solutions can transform financial management and reporting.

Transform your financial systems with Diligent Global’s expertise.
Connect with us at info@diligent.com to explore bespoke JVA and IFRS solutions tailored to your industry needs.