Financial Reporting for Special Purpose Vehicles Live demonstration May 2019
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Financial Reporting forSpecial Purpose Vehicles
Live demonstration
May 2019
Agenda
Shona O’Hea – Director, Financial Accounting and Advisory ServicesGrant Thornton and ONESOURCE Statutory [email protected]
Colin Feely – Head of Financial Services AuditOverview of the industry and observations on financial reporting challenges for SPVs andCorporate Service [email protected]
Rebecca Webster - Thomson ReutersOverview of ONESOURCE Statutory [email protected]
Amy Cradock and Ben Hickey – Financial Services and Advisory ServicesCase study and live demonstration of automated accounts production for an [email protected]@ie.gt.com
Shona O’Hea – Grant Thornton
Grant Thornton and ONESOURCEStatutory Reporting
Industry OverviewColin Feely – Grant Thornton
Industry Overview2,306 Irish SPVs at the end
of Q4 2018
GrantThornton,
10%
Grant Thornton service 10%of the market
0300600900
12001500180021002400
Q12018
Q22018
Q32018
Q42018
1155
1137
1142
1181
989
1051
1080
1125
SPV Vehicle Numbers
Securitisation Non-Securitisation
*The Irish SPV Report Q4-2018 (Atlantic Star Consulting)
020406080
100120140
In Billion €
Industry financial reporting challenges
An Auditors Perspective:
Specialistskillset
Changingreporting
requirements
Annual focus –resourcing at
right level
Typicallymanual process
Demand forvery high quality
first drafts
High number ofdrafts –potentialoverruns
Increasedoversight
Potentialregulation in the
future?
ONESOURCE Statutory ReportingRebecca Webster - Thomson Reuters
PREPARATION OF FINANCIAL STATEMENTS
FATCA / CRS CORPORATEINCOME TAX
INDIRECTTAX
TRANSFERPRICING
STATUTORYREPORTING
TAXPROVISON
COMPLIANCEDETERMINATION
Fortune 100
87% 74%
Fortune 1000Fortune 500
79%
Financial TimesGlobal 500
60%
ONESOURCEIS TRUSTED BY GLOBAL LEADERS
*Percentage of ONESOURCE clients within each category
Current Process
GAAP to STATADJUSTMENTS
PRIOR YEARROLL-FORWARD
UPDATE EXCEL FORANY CHANGES AUDIT
PRIOR YEARROLL-FORWARD
UPDATE WORD FORANY CHANGES
8x 8x8x
FULLY IXBRLTAGGED
STATUTORYACCOUNTS
TB GENERATEDFROM SYSTEM
ONESOURCE Statutory ReportingONESOURCE Statutory Reporting
ImportWizard MAPPINGS
DATA
JournalsJournals
Disclosuremanagement
Disclosuremanagement
Templates:Standard or
bespoke
Templates:Standard or
bespokeERP OR
CONSOLIDATION
ONESOURCE – Improving the process
UK*UK*
SwitzerlandSwitzerland
GermanyGermany
Ireland*Ireland*
Netherlands*Netherlands*
CanadaCanada
SingaporeSingapore
* iXbrl tagged
Standardisation and templates
Entity
OrganisationalTemplate
Master Template Master
Trade
E1 E2
SPV
E3
Templates help standardise data and disclosures across your reporting group
Efficiency Risk Reduction
ConsistencyControl Compliance Accuracy
Operational and strategic benefits
• Automation of processes such as theTB mapping and pre-linked templatesreduces need for manual intervention
• Standardisation• Repeatable process• Reduce preparation and review time
• Single data location• Clear audit trail
• Templating• Process - Global
content
• Automatic• roll-forward• rounding• cross-referencing
and error checking• page and note
numbering
• Country specifictemplates
• iXBRL tags (whererelevant)
Case study and live demonstrationS110 using IFRS frameworkAmy Cradock and Ben Hickey – Grant Thornton
Import process
Raw DataCustomisedworkbook*for disclosure tables
ImportableTB
Draftfinancial
statements
Key Benefits
Dual language & multiplejurisdictions
Audit trail
Efficiency Standardised formatReduction in
errorsIncreased
automation
iXBRL taggingUpdated for reportingframework changes
User friendlyinterface
Built in roundingchecks
Key Benefits
Below we list a number of the benefits we have found from using implementing the OSR tool:
OSR Implementation Methodology
Implementation
Deployment
Analysis Project kick off System install Environmentsetup
Review existingClient financial
reports
Compare clientreports to TR
StandardReports
Define customconfigurationrequirements
Identify additionaldata sources
Identify source datafields necessary and
relevant forcalculation e.g
disclosures
Support GAAP tostat process andmapping (where
applicable)
Work with IT toprovide extract
process
Post go-live PSsupport
Finalise andhandover
Touch upconfigurationUser testingStatutory Reports
customisation
OrganisationalTemplate
generation
© 2019 Grant Thornton Ireland.
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