For international businesses with multiple subsidiaries, producing reliable and timely consolidated financial reports is a significant challenge. The process requires the seamless integration of different legal entities, currencies, and accounting policies. Even minor errors in intercompany eliminations, foreign exchange translations, or the classification of accounts can have major consequences, undermining management's decision-making, eroding investor confidence, and complicating audits. Zetland Fiduciary Group provides a disciplined and expert consolidation capability for international groups operating across Asia. Our service is designed to align your subsidiaries with group accounting policies and deliver accurate, audit-ready financial packages on a predictable schedule. We begin by designing robust consolidation models or configuring sophisticated consolidation software tailored to your group's structure. We establish standardised reporting packages and manage strict reporting calendars and cut-off dates to ensure timeliness. Our team of accountants meticulously prepares all necessary consolidation entries, including complex calculations for non-controlling interests (NCI), foreign currency translation reserves (CTA), and the accounting for discontinued operations, where applicable. Every step is supported by clear and comprehensive workpapers and the necessary disclosures, resulting in consistent and comparable financial reporting that provides boards, investors, and lenders with a true and fair view of the group's performance.
In Hong Kong's sophisticated financial environment, adherence to the Hong Kong Financial Reporting Standards (HKFRS) is paramount for maintaining corporate credibility. Our Hong Kong team specialises in managing the group consolidation process for businesses with subsidiaries reporting under either full HKFRS or the HKFRS for Private Entities. We enforce the consistent application of accounting policies across all entities to ensure the integrity of the consolidated financials. Our process begins with the establishment of standardised reporting packages for each subsidiary, carefully mapped to the group's chart of accounts. This uniformity is the foundation for an efficient and accurate consolidation. We meticulously handle all intercompany eliminations, including the removal of unrealised profits on inventory, intercompany loans, and dividends, to present a true picture of the group's economic activities. A key area of our expertise lies in navigating the complexities of foreign exchange translation. We conduct thorough functional currency assessments for each entity and accurately calculate currency translation adjustments arising from the consolidation of foreign operations. Our team prepares detailed disclosures for related-party transactions, segment reporting, fair value measurements, and financial instruments, as required by HKFRS. We provide comprehensive support during the annual audit, supplying auditors with well-structured consolidation workbooks, tie-outs, and roll-forwards to facilitate a smooth and efficient review process. The result is a faster, more reliable reporting cycle that produces consistent and comparable financial information, enabling timely and informed decision-making by your board and stakeholders.
Singapore's reputation as a trusted international business hub is built on its high standards of corporate governance and financial reporting. For groups with entities in Singapore, it is crucial to align the local Singapore Financial Reporting Standards (SFRS or SFRS(I)) with the group's wider accounting framework. Zetland's Singapore team excels at this harmonisation, producing investor-grade consolidated financial statements. We focus on standardising accounting policies across the group, particularly in complex areas such as revenue recognition, leasing arrangements under SFRS(I) 16, impairment of assets, and provisions. This policy alignment is critical for achieving comparability and consistency in the group's financial reporting. We leverage automation where possible, using structured consolidation workbooks or specialised software to handle the mechanical aspects of eliminations and foreign exchange translations, which reduces the risk of manual error. To ensure the integrity of the data, we implement robust submission controls, data validation checks, and variance analysis thresholds. Our team is also well-versed in the specific regulatory requirements of the Accounting and Corporate Regulatory Authority (ACRA), and we can structure the underlying data to facilitate the preparation of XBRL filings at the individual entity level. Our approach delivers a reliable and scalable consolidation process that can accommodate future growth and acquisitions. By providing management with clear visibility into the group's performance through consolidated Key Performance Indicators (KPIs) and insightful analysis, we empower better strategic decisions. Our service ensures that your group's financial reporting in Singapore is not only compliant but also a valuable tool for managing and growing your business.
Operating in Mainland China presents unique challenges in financial reporting, primarily due to the differences between Chinese Accounting Standards (CAS) and International Financial Reporting Standards (IFRS) or other group GAAPs. Our Shanghai-based team possesses the specialised expertise to bridge this gap effectively. We manage the entire process of converting CAS-based financial statements to the group's required accounting standards, which involves creating a detailed mapping of accounts, preparing standard adjustment journals, and maintaining a comprehensive register of all consolidation entries. A critical aspect of our service is ensuring that the consolidation process respects the local realities of doing business in China, including the tax implications and the ubiquitous 'fapiao' (official invoice) system. We provide rigorous control over intercompany transactions, performing detailed reconciliations of balances and ensuring that all dealings are supported by appropriate transfer pricing documentation. Our team is adept at handling the complexities of foreign currency translation for RMB-denominated results, accurately tracking the currency translation adjustment (CTA) and aligning the consolidated figures with the associated VAT and Corporate Income Tax impacts. To ensure full transparency for both group and local statutory auditors, we maintain fully bilingual consolidation workpapers with clear cross-references and supporting documentation. This meticulous approach guarantees an accurate and reliable consolidation, providing a clear audit trail that withstands the scrutiny of all stakeholders. Our service facilitates a faster closing process through the use of defined calendars and reporting templates, giving management timely access to the financial data needed to navigate the complexities of the Chinese market.
Zetland Fiduciary Group operates a global network of offices to support clients across key international financial hubs. Whether you are seeking guidance on company formation, trust administration, accounting, or cross-border transactions, our local experts in Hong Kong, Shanghai, Singapore, and London are ready to assist.
Contact any of our offices directly for tailored advice and seamless service.