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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.

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