Advancing Compliance in Energy: JVA/IFRS Solution for Oil, Gas & Mining Leader
Overview:
Diligent Global was tasked with upgrading an oil, gas, and mining giant’s Joint Venture Accounting (JVA) and IFRS reporting capabilities to meet the latest standards and ensure seamless currency conversion processes.
Challenges:
- Compliance with new JVA and IFRS requirements.
- Inefficient currency conversion mechanisms.
- Outdated ledger accounts in need of modernization.
Solutions:
- Implemented a sophisticated solution for currency conversion aligned with IFRS.
- Utilized Group currency in ECC and led currency in AA Books for accuracy.
- Upgraded ledger accounts and ensured proper historical data handling.
Results:
- Ensured full compliance with JVA and IFRS standards for financial reporting.
- Streamlined and automated currency conversion processes for the client.
- Purged obsolete ledger accounts, optimizing the company’s accounting system.
Summary:
This project showcased Diligent Global’s commitment to providing industry-compliant financial solutions tailored to the specialized needs of the oil, gas, and mining sectors. Through innovative technology and strategic planning, Diligent Global enhanced the client’s financial accuracy and compliance capacity.
Navigate the complexities of JVA and IFRS with Diligent Global’s expertise.
Contact us at info@diligentglobal.com for a consultation on achieving excellence in financial reporting and compliance.
