Transcription
Business advisory servicesInnovative solutions to yourbusiness needs
2
Business advisory servicesIn both challenging and favourable economic conditions, organisations strive to be smart,nimble, creative and forward thinking. Deloitte provides deep technical knowledge andextensive industry experience to assist clients in addressing business issues that goes beyondproviding traditional audit services.Our Business Advisory team develops and offers tailored, innovative and comprehensive solutions for specific clientbusiness needs that may not require the expression of opinions based on professional standards. Led by partners ofindustry and function specialisations, the main objective of offering business advisory services is to bring more focusto the value proposition by delivering a broader range of advisory services and competencies. Deloitte offers a fullrange of services to help clients tackle challenges faced in businesses.Currently, the set of six service solutions includes: Finance function resourcing and outsourcingAccounting advisory servicesOne stop liaison service to support local business start-upsSpecialised services to financial institutionsGlobal IFRS and offerings services (GIOS)Real estate advisory servicesThe expansion of business advisory capabilities enables clients to benefit from Deloitte professionals’ uniqueexperiences, perspectives, knowledge of industry business issues, and technical expertise to help them focus on thepressing needs of their businesses.Our experienced practitioners have extensive business knowledge and compliance know-how, along with access to aglobal network of industry specialists from Deloitte member firms and their affiliates. Our team of professionals servescompanies throughout the business lifecycle and help them to emerge stronger and smarter by delivering an overalldistinctive client experience through tailored service offerings and resources.Our experienced practitioners have extensivebusiness knowledge and complianceknow-how, along with access to a globalnetwork of industry specialists from Deloittemember firms and their affiliatesTitle of publication Focus area of publication3
Finance function resourcing andoutsourcingDeloitte has vast experience and in-depth knowledge inproviding accounting services to local and multinationalcompanies from different industries and of various sizesand complexity. Our secondment services offer a fullrange of accounting services which include solutionsto address cross-practice support, follow-up of yourday-to-day operations and ensuring compliance with therelevant accounting, tax and regulatory requirements atall stages in your life cycle.Our professionals are committed to understanding andexceeding your specific organisational requirements andwill work under the direct supervision of management.Types of secondment services provided by us include: conducting cash, inventory and fixed asset counts supporting management in the roles of controller,finance manager, accountant or book keeper assisting in the review of control gaps providing training4Our professional team possesses the relevant skills andexperience in providing training and supervision to newand existing finance staff. Examples of such traininginclude the preparation of: Financial statements in compliance with IFRS/FRS Monthly accounts for management and groupreporting purposes Consolidated accounts and schedules to thestatutory auditors Cash flow statements and forecast/budgets Tax returns and computation of tax and deferred tax Accounts in xbrl format for filing with ACRAProfessional staff can be seconded to perform thefunction shown below.Cash, inventory andfixed asset countsReconciliations andposting of accountingentries into ledgersPreparation offorecast, budget andcash flow statementsAudit schedulesReview of internalcontrols andaccounting manualsPolicy and proceduremanualsController, financemanager, accountantand book-keeper rolesTraining to financeteams
Accounting advisory servicesDeloitte can support your organisation in the areas offinancial statements preparation, Extensible BusinessReporting Language (XBRL) reporting and thecompilation and preparation of accounting scheduleswhich will result in enhanced efficiency and qualityreporting.Financial statements preparationAs a result of increasing scrutiny from today’s investors,regulators and other stakeholders, finance teams oftenstruggle to meet rising expectations. In addition, theyhave to comply with stringent deadlines while juggling aheavy workload with insufficient finance resources.In the preparation of financial statements, some of thekey challenges faced by finance teams are: Shortage of qualified accounting staff who are neededto achieve greater reliability in the completion offinancial reports Increasing difficulty in meeting compliance as thecontinued revisions to Singapore FRS demands thatthe staff involved must be sufficiently skilled; this isespecially challenging when this task is performed onlyannually Inconsistencies in the presentation and the degree ofcompliance with accounting standards Distraction from core operational activitiesWe can help to reduce the stress on your resources byhelping you to produce quality financial statements.Our Business Advisory team consists of professionalswho were previously trained in audit. This means wehave the ability to proactively avoid or mitigate anyaudit issues that may arise and effectively managefluid communication with the auditors throughoutthe financial reporting processes. In addition, ourprofessionals have broad industry experience withtechnical expertise in reporting requirements as theyconstantly stay at the forefront of financial reportingissues by undergoing regular training.Deloitte can assist by: Developing simple, transparent financial statementtemplates which align with the prevailing financialreporting standards that are easy to use and replicatewithin your organisation Simultaneously working with the management and inaccordance with the respective auditors Providing information request lists well in advanceand guiding your finance staff on the necessaryrequirements to maximise reporting efficiencies Performing a technical review by a senior Deloittepersonnel prior to finalisation Driving efficiencies and providing smoother reportingprocesses across the business each year end Ensuring consistent and compliant reporting within theprescribed timelinesExtensible Business Reporting Language (XBRL)reportingCompanies today are facing increasingly complexfinancial reporting standards and this poses significantchallenges in ensuring compliant and timely financialreporting amidst the lack of dedicated resources andthe right expertise. With effect from 1 November 2007,Singapore incorporated companies are required to filetheir financial statements in XBRL unless excluded by theAccounting & Corporate Regulatory Authority (ACRA).Some of the key issues encountered by finance teams inthe execution of XBRL are: Availability of dedicated resources to focus on XBRLpreparation and filing Requirement of staff with expertise in XBRL tounderstand the implementation process, includingmatters like appropriate tagging Final review process and validation is a timeconsuming activity Changes to the financial reports may be made till thelast minute and as the XBRL process takes time toincorporate the changes, this can lead to inability tomeet deadlines Distraction from core operational activitiesTitle of publication Focus area of publication5
Accounting advisory servicesOur Business Advisory professionals have deepknowledge and experience in XBRL filing across multipleindustries. With our industry expertise, we are able tounderstand the industry which each entity operates inand provide the necessary expertise.Deloitte can assist by: Drawing from our team of extensive professionaland technical resources to assist your staff with thepreparation and conversion of all prepared financialstatements to XBRL Effectively reducing risks by avoiding or quicklyhandling last-minute surprises Performing a technical review by an experiencedDeloitte personnel prior to finalisation Driving efficiencies and provide smoother reportingprocesses across the business each year end Ensuring compliant and timely closure of reportingwithin the timelinesCompilation and preparation of accountingschedulesEmployers often face difficulties in obtaining sufficientand competent finance and accounting resources. This isespecially so when finance teams are involved in timeconsuming, non-core functions such as the compilationand preparation of accounting schedules.Some of the challenges faced by company managementteams are as follows: Preparing accounting schedules is a tedious andlaborious accounting task which is a distraction fromcore business operations Insufficient manpower to source and identify thesupporting documents within the stipulated timeframe Absence of an independent party with unbiasedopinions to handle sensitive issues or confidentialfinance information Lack of understanding in complex financialtransactions and accounting journals6Let Deloitte support you in the compilation andpreparation of accounting schedules. Our dedicatedteam of experienced accounting personnel can helpyou to minimise the disruptions to your day-to-dayoperations. Leverage on our Business Advisory teamof professionals who have in-depth knowledgeof accounting across multi-disciplines to supportyour management or finance team in the followingcircumstances:(i) Preparation of schedules and compilation ofdocuments required by your tax agent or InlandRevenue Authority of Singapore (IRAS) in situationswhen past years’ accounting records are required tobe retrieved and prepared in specific formats. Weare able to supplement your current tax team, ortax agents, with our experienced staff to improveefficiency or act as the outsourcing provider to assistin the compilation of proper documentation andrecords to meet the request of IRAS.(ii) Assisting management in restating the company’sfinancial restatements. Assistance could be providedby Deloitte when management requires restatementof financial statements due to a change in thecompany’s functional/reporting currency or whenprior year’s adjustments are required. We are able toprovide a team of accounting professionals to extract,compile and review the documents to support theabove requests.
Preparation of Group Accounting ManualOne of the basic requirements for group reporting isthe uniform accounting and presentation of individualfinancial statements of companies included in thegroup’s consolidated financial statements.This requirement is achieved by adhering to accounting,presentation, and valuation guidelines provided in theGroup Accounting Manual.An explicit and clearly organised Group AccountingManual is a vital part of the internal controls systemwithin the group financial reporting framework.What do we mean by Group Accounting?Group Accounting is necessary for organisations whichcarry out their operations via various operating unitswhich may be in multiple jurisdictions. Each operatingunit will produce the financial reports for the HeadOffice to prepare Group Accounts required by theapplicable accounting framework.The challengesThe financial reports of group units are often preparedby different individuals and at different locations. Thismakes organising and managing the group accountingdifficult. Furthermore, changes in financial reportingrequirements may add further challenges to the process.The solutionsAn up-to-date Group Accounting Manual, together witha well-designed reporting package or illustrative financialstatements can help deal with the problems faced inmanaging the group accounting process.You can leverage on the expertise of our team ofaccounting professionals to assist you in developingthese tools and the related training needs.Title of publication Focus area of publication7
One-stop liaison service to supportlocal business start-upsBusiness start-up in SingaporeThe decision to start up a new business in a foreigncountry poses several challenges for an organisation.Besides strategic reasons, the landing execution deservesclose attention too. For one, important considerationsare to be made towards ensuring compliance withregulatory reporting and other requirements within thelocal legislation.Your one-stop liaison deskThis integrated start-up service solution is designed tohelp organisations develop a multi-shore, multi-deliveryand multi-solution business start-up process.Your business start-up process can be made simple andhassle-free. Be it considerations related to cost, quality,risk and compliance, accounting or finance, we createa customised service to help you meet your enterprisestart-up needs in Singapore.We act as your liaison desk and work with yourorganisation as well as third party service providersthrough the crucial phases of a business start-up. Weprovide value-added coordination service to whatmay seem like a cumbersome process in liaising withvarious external parties, thus enabling you to focus oncore operational activities and overcome the difficultyof meeting reporting deadlines. We are also able tosource for service providers performing various start-upfunctions, such as:Accountingand financefunctionCorporatesecretarial andlegalOne-stopliaison deskExpatriateservices8Tax filing forcompliance Accounting and finance functionsWe recognise that at certain times, our clients faceexceptional pressure within their finance functions,especially at the start-up stage. To ease that difficulty,we help you connect and coordinate between themanagement and your outsourced agents for yournewly incorporated entities in providing accountingservices tailor-made to meet individual clientrequirements. Corporate secretarial and legal mattersWe provide support by liaising with your corporatesecretaries and lawyers on business incorporationprocedures such as company registration and thefulfilment of local statutory filing requirements whichincludes annual returns, Annual General Meetings,business incorporation and regulatory filing matters.Such daily communication can be time-consumingespecially when meeting tight timelines. Tax filing for complianceWe coordinate with your appointed tax agents duringtimes of reporting in corporate tax compliance andplanning, transfer pricing, direct and indirect taxes,and filing requirements. Expatriate servicesWe will co-ordinate with vendors that are able toguide you through the proper processing stepsrelating to employment issues and other areas, giventhe complex business environment of Singapore. Thisincludes the application for work visas as well as thepreparation and filing of individual income tax returns.Our Deloitte professionals will be fully in charge ofthe entire coordination between the managementand its external vendors to ensure efficiency andeffectiveness.
We do not achieve results; our clients do. Ourobjective is to help them do so as effectively aspossibleBenefitsOur offerings strive to make your business incorporationprocess as seamless as possible by leveraging onthird-party solutions that integrate our global networkand expertise in local statutory filing requirements,accounting and taxes, and effective coordination andsupport throughout the business start-up process.The provision of complete support through the start-upprocess allows your management to focus better onyour core business and other operational activities.Through our value-added services, clients are able toachieve enhanced business performance, excellencein business processes efficiency, as well as a smoothsetup and transition during the start-up process. Withour industry experience and broad capabilities, westrive to maximise business opportunities, and preventunnecessary risks.Deloitte differenceOur goal is to assist you by coordinating all supportactivities from accounting to the administration offinances and personnel across the entire start-up processin Singapore. We believe in helping our clients establisha strong competitive advantage and remain sustainablein today's volatile business world, as well as providingvalue-added advisory services to complement ourassurance offerings.Our proposition is to be the primary service providerusing our extensive local and international network andexperience to serve your organisation in accountingand tax matters. At the same time, we act as a liaisonin other areas of coordination with third parties such ascorporate secretaries, legal advisors, financial institutionsand corporate headquarters to perform and fulfil a fullyintegrated role in reporting and managerial requirementsfor businesses starting up in Singapore.Title of publication Focus area of publication9
Specialised services to financialinstitutionsDeloitte's Financial Services Industry (FSI) practice offersa wide array of services specifically designed for financialinstitutions, in the areas of risk management, financialand corporate governance, regulatory compliance, andtechnology solutions. These include: Regulatory compliance and advisory – Assessmentof financial institutions’ compliance and governanceframework against regulatory requirements andindustry best practices Risk management and controls capability –Assessment of financial institutions’ risk governancestructure, framework and documentation againstguidelines and industry best practicesRegulatory compliance and advisoryWith the growing costs of risk and increasingdiversification, the financial services industry facesconstantly evolving public and professional standards. Assuch, regulators, as well as other stakeholders, are nowpaying closer attention to strict compliance. Regulatory compliance and advisory–– Licensing applications: application for licenses andauthorisations–– Regulatory reporting: assistance in drafting periodicreports to the authorities–– Regulatory remediation: assistance in drafting and inimplementing remediation actions–– Compliance audits and reviews10To be successful, management must keep pace withthe rapid changes in the worldwide capital markets asa company’s responses to these changes will shape itsstrategic vision for the future. Important stakeholderssuch as policyholders, shareholders, regulatoryauthorities, rating agencies, counterparties, andcustomers expect companies to maintain sophisticatedrisk management systems that measure and controlfinancial exposures.Risk management and controlsThe Risk Management and Controls practices assistclients with a range of risk and capital assessment,measurement, monitoring, management, andcompliance solutions which include: Capital adequacy: Basel III reporting requirementsEnterprise Risk ManagementRisk governanceRisk disciplines such as market risk, credit risk,operational risk, asset liability management Model assessment Risk infrastructure transformation
Global IFRS and Offerings ServicesWhether your company is facing multiple and complexlevels of financial reporting requirements, adopting anew accounting standard, migrating to IFRS, planningan equity or debt offering, or acquiring or selling abusiness, you can count on Deloitte’s Global IFRS andOfferings Services practice.The recent pace of change in our economy isunprecedented. Organisations need to constantlyreinvent themselves in order to stay relevant in the wakeof globalised competition.Drawing from deep financial reporting experience acrossmultiple industries and financial reporting and regulatoryregimes, the GIOS professional team provides a varietyof services which includes Reporting Advisory Services(RAS), Cross-border Offerings Services (CBO), and IFRSImplementation Services (IFRS).Reporting advisory services (RAS)As your business grows and expands you may askyourself whether your current business is structured inthe appropriate manner to face future challenges – whatis the best corporate structure for an IPO/M&A?Deloitte has the relevant expertise to assist companies inthe following areas:Restructuring advisory services Assist companies to evaluate the group structureand provide recommendations on alternative groupstructure to streamline the group’s operations andresults Assist companies to look at the tax efficiency of thegroup and provide advice in the areas of transferpricing Provide alternative capital raising methods for thecompany considering the financial status of thecompany Assist and support the company through the IPO/M&AprocessIPO readiness services Assess readiness by performing a “health check” oninternal control and financial reporting processes Comparison of suitable exchanges and assistingcompanies to understand various regulatoryrequirements/obligations Propose suitable listing structure Assist companies with preparations for compliancewith financial reporting requirementsOther reporting advisory services Preparation of pro forma financial statements Alignment of accounting policies for companies whoare just acquired or merged Design suitable reporting packages and consolidationpackages to meet management objectives andregulatory requirements (post M&A) Provide advice on how to alleviate potentialaccounting issues Provide advice on complex accounting issuesOrganisations need toconstantly reinvent themselvesin order to stay relevant in thewake of globalised competitionTitle of publication Focus area of publication11
Cross-border offerings services (CBO)The GIOS professionals specialise in assisting clientsin their fund-raising activities, including initial publicofferings, high-yield debt offerings and secondaryofferings.IFRS implementation services (IFRS)GIOS professionals have a track record of workingwith companies to achieve global consistency in theirfinancial reporting policies and practices and to seize theopportunities that IFRS offers.Equity fund raisingWe specialise in local and cross-border capital marketsassistance services, providing support as ReportingAccountants and helping companies to:These professionals have extensive experience in helpingclients plan and execute complex and challenging IFRSfirst time implementation, and can provide assistancewith all facets of the implementation process, helpingcompanies to: Plan and manage the offering process Prepare financial statements, including pro forma andother financial information requirements associatedwith the offering Respond to the information requests of issuemanagers/underwriters and legal counsel Issue comfort letters to issue managers/underwriters Ensure compliance with relevant requirements onfinancial disclosures by reviewing offering documents Understand the various aspects of review by regulatorsand respond to comments raised during the processDebt fund raisingFor companies seeking debt fund raising, GIOSprofessionals: Provide comfort on the financial informationpresented in the offering documents to underwriters Provide advice on the accounting impact of the debtinstrument on the financial position and results of thecompanies12 Evaluate the potential impacts of IFRSAssess readiness for IFRS conversionsPrepare a detailed implementation planImplement an IFRS conversionDevelop a plan for sustainabilityAddress the implication of IFRS in areas such astreasury, tax, financial operations, technology andvaluation Design and implement state of the art controlframeworks, efficient information technologyarchitecture and data flow, and fast closemethodologies Streamline statutory financial reporting processesglobally
Real estate servicesReal estate is one of Deloitte’s fastest-growing industry groups, with a solid global leadership team which overseesservices to companies with demands for cross-border services. Our clients include many of the industry’s largest realestate owners, service companies, investment advisors, developers, property management and leasing companies,real estate investment trusts, mortgage brokers and bankers, pension funds, syndicators, and insurance companies.We have approximately 420 partners and 3,325 professionals dedicated to the real estate sector across the Americas,Europe and Asia Pacific regions.In Southeast Asia, our specialists are part of this global tight-knit network that works to build consensus on the mostappropriate services to bring to clients, improve our common tools and methodologies and discuss pressing industryissues. Our real estate strengths are also interconnected with our global financial services industry market eminence.Our services are customised, operational, hands-on and delivery-oriented. In addition to our traditional service linessuch as statutory audit, tax compliance and risk consulting, we also offer specialist services that have been tailoredfor the real estate sector:Service typeDescriptionFund defined Net AssetValue (“NAV”)Computation of the NAV of your real estate investments, or adjusted NAV reflectingthe market values of real estate properties adjusted for other fund defined factorssuch as deferred rentRegulatory complianceReview of regulatory submissions to the authoritiesFund reportingPreparation of specific fund reports, including reporting in relation to: Passing rent Property operating cost analysis Occupancy ratesCost allocationAllocation of the construction/development cost in tandem with market rates andidentification of individual unit costs to achieve tax efficiency or more equitableresultsCertificationReview and certify reports prepared for internal, public or regulatory consumptionGoods and ServicesTax (“GST”) servicesObtaining GST refunds for land purchased for the development into whollynon-residential properties and purchases incurred directly for the construction ofnon-residential propertiesEnterprise ResourcePlanning (“ERP”)enabled businesstransformation Design of strategy-aligned process and data models Implementation of end-to-end ERP to seamlessly integrate revenue (rental, grossturnover, ad hoc charges as well as property sales) and cost (development,operating costs) information with accounting and management reportingPerformancemanagement Definition of industry-specific key performance indicators for leasing, propertysales and hospitality businesses Implementation of management dashboards and decision support systems forasset and portfolio performance managementTitle of publication Focus area of publication13
Our teamCheung Pui YuenSEA Regional Managing Partner –Assurance and Advisorypucheung@deloitte.com 65 6530 5580 65 9696 0008Richard LoiSingapore Business Advisory Leaderrloi@deloitte.com 65 6530 5591 65 9817 2438Eileen GiamFinancial Services Industry Partnereilgiam@deloitte.com 65 6216 3296Jeremy TohReal Estate Partnerjtoh@deloitte.com 65 6216 3279 65 9477 7523Tay Hwee LingGIOS Partnerhwtay@deloitte.com 65 6216 325814
Title of publication Focus area of publication15
Deloitte Singapore6 Shenton WayOUE Downtown 2#32-00 Singapore 068809Tel: 65 6224 8288Fax: 65 6538 6166Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee, and its network of memberfirms, each of which is a legally separate and independent entity. Please see www.deloitte.com/sg/about for a detailed description of the legalstructure of Deloitte Touche Tohmatsu Limited and its member firms.Deloitte provides audit, tax, consulting, and financial advisory services to public and private clients spanning multiple industries. With a globallyconnected network of member firms in more than 150 countries, Deloitte brings world-class capabilities and high-quality service to clients,delivering the insights they need to address their most complex business challenges. Deloitte has in the region of 200,000 professionals, allcommitted to becoming the standard of excellence.About Deloitte Southeast AsiaDeloitte Southeast Asia Ltd—a member firm of Deloitte Touche Tohmatsu Limited comprising Deloitte practices operating in Brunei, Guam,Indonesia, Malaysia, Philippines, Singapore, Thailand and Vietnam—was established to deliver measurable value to the particular demands ofincreasingly intra-regional and fast growing companies and enterprises.Comprising over 250 partners and 6,000 professionals in 23 office locations, the subsidiaries and affiliates of Deloitte Southeast Asia Ltdcombine their technical expertise and deep industry knowledge to deliver consistent high quality services to companies in the region.All services are provided through the individual country practices, their subsidiaries and affiliates which are separate and independent legalentities.About Deloitte SingaporeIn Singapore, services are provided by Deloitte & Touche LLP and its subsidiaries and affiliates. 2014 Deloitte & Touche Business Advisory Pte. Ltd.
Our Business Advisory team develops and offers tailored, innovative and comprehensive solutions for specific client business needs that may not require the expression of opinions based on professional standards. Led by partners of industry and function specialisations, the main objective of offering business advisory services is to bring more .
