Our Experience

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Issue: System solution for calculating taxes and deferred tax

Project description

Our client had implemented a new ERP system within the international capital group. The functionalities and configuration of the new ERP system required a change in approach to the calculation of CIT, VAT and deferred tax, since some of the data generated by the old accounting system was no longer available.

PwC was engaged to design and participate in the implementation of an integrated solution within the ERP system which supported the calculation of CIT, VAT and deferred tax.

Result

As a result of our work the client was provided with ‘a state of the art’ application for the automatic calculation and reporting of CIT, VAT and deferred tax. This is a comprehensive tool which supports our client during financial and tax reporting process, uses the same database for the calculation of CIT and deferred tax and offers a clear link between both taxes.

Issue: Aligning the chart of accounts for IFRS and Polish GAAP purposes

Our client was implementing a new accounting system based on an international platform to support its group reporting purposes (based on IFRS).

We were engaged to advise on and verify the compliance of the new system with the IFRS and Polish accounting regulations, review whether the system solution properly reflected group and statutory accounting differences, prepare appropriate mapping of the old and new chart of accounts and verify the migration of data between the old and new systems.

Result

As a result of our work the client was provided with a comprehensive report including recommendations on how to correct the new chart of accounts and reflect the accounting differences in the system. In addition, the client received a modified mapping between the old system and the new system and a schedule of migration issues.

Issue: Design of the chart of accounts and cost allocation methods for an enterprise operating in a Special Economic Zone

Project description

Our client had businesses operating both within and outside a Special Economic Zone (SEZ). For tax reporting purposes, the accounting system had to be designed in a way which would enable the precise allocation of revenue, cost, assets and liabilities to taxable and tax-exempt activities.

We were engaged to design a chart of accounts which would reflect the taxable and tax-exempt operations of several businesses of the enterprise. In addition we designed a method for allocating costs, assets and liabilities which could not be directly linked to taxable or tax-exempt activities.

Result

Our client received a custom-tailored chart of accounts, accounting policies and allocation methods, based on the best practices of SEZ reporting and safe from the tax perspective.

Issue: IFRS implementation

Project description

Our client, a telecommunications company, decided to adopt IFRS for their consolidated and statutory standalone accounts.

We were engaged to support the client in: identifying the differences between Polish accounting regulations and IFRS, based on telecom industry practices, drafting the accounting policies, calculating the impact of differences on the financial statements, deciding how the differences should be introduced to the accounting system and support during the preparation of the notes to the financial statements.

Result

Our client received fully IFRS compliant financial statements, based on telecom industry practices within short deadlines. In addition relevant IFRS knowledge was transferred to the accounting department employees in the form of coaching and training.