Automotive suppliers, dealers, manufacturers and affiliates have unique challenges in IFRS reporting.

We understand these challenges and can guide you through various options to best meet your unique business case.

Companies across the whole automotive industry spectrum – suppliers, dealers, manufacturers and their finance affiliates (primarily leasing companies), will be heavily affected by the new standards – IFRS 15 — Revenue from Contracts with Customers and IFRS 16 – Leases.

Applicable on or after 1 January 2018 and 1 January 2019 respectively, both standards leave the companies little to no time to perform a comprehensive review of their existing contracts, business models, accounting policies, IT systems, internal processes and controls. We offer our technical expertise to help companies go through the exciting journey of implementing the new IFRS standards.

Some relevant accounting areas of controversy that we can advise automotive industry companies on include:

  • The accounting for pre-production activities (the new standard contains more detailed guidance on whether a contract exists, which may result in no revenue being recognized for pre-production activities under certain circumstances);
  • Accounting for different types of incentives;
  • Accounting for volume rebates, repurchase options, product warranties, contract costs, and lease financing arrangements.

Learn more about our approach and the benefits of working with us

We help the automotive companies with accounting and reporting services such as:

Preparation of financial statements under IFRS and/or local GAAP 

More than 30 jurisdictions across Europe require IFRS standards for listed financial institutions or public interest entities (PIEs). Others are on the path to either full acceptance or – at the very least – dual compliance. We can help you be compliant and confident in your numbers.

Learn more
Implementation of complex IFRS accounting

In modern capital markets, accounting and financial reporting are becoming increasingly complex. IFRS issues need to be anticipated in advance and resolved timely in order to preserve the value of the business and avoid regulatory sanctions. Let us help with that.

Learn more
Implementation of new IFRS

The emergence of new IFRS standards could significantly change how entities recognize, measure and disclose their revenues, expenses, assets and liabilities. We can help you implement new IFRS standards in your business.

Learn more
First-time adoption of IFRS

Transition from local GAAP to IFRS poses management with many challenges related to preparing the opening balance sheet at the date of the transition. We can help you make the transition a smooth one.

Learn more

Getting started with us is straightforward.