The transportation and logistics industry is being exposed to intense change: digitalization, new market entrants, evolving customer expectations and business models.
These turbulent times call for action, and your accounting must keep pace.
Entities conducting business with airlines, railways, shipping, trucking, and logistics have seen tremendous change over the last decade – and changes to IFRS reporting standards mean the changes aren’t over.
IFRS 15 — Revenue from Contracts with Customers and IFRS 16 – Leases both have significant implications for logistics and transportation companies. Accounting for customer incentives, where customers earn awards based on distance covered and are redeemable for a variety of products or services, has become very complex under the new framework. Additionally, arrangements, previously classified as operating leases that entities used to hold off balance sheet will now need to be revisited and thoroughly reevaluated – this will heavily affect lessees with large fleets held on operating leases.
New reporting standards mean new accounting challenges. Because we understand deeply how these challenges impact the transportation and logistics industry, we can be your partner in adapting to the times.
We help the transportation and logistics companies with accounting and reporting services such as:
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
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