Our tax advisory service will be a service to support the daily bookkeeping, payroll calculation, tax return filings along with your management. As Itseki is a group of certified public accountants and tax accountants with various backgrounds, it is possible to provide advice from a multilateral perspective.
Tax Return Filings
Preparation of Financial Statements
Various requests are available to add upon. To find out more about our services, please contact us.
Managerial Accounting Implementation
With the business diversification and the increase of line of goods and services, it will be difficult to make decisions for expansion or withdrawal because it is impossible to judge which business and products are profitable or not. By applying managerial accounting, information, such as A; the profit of product, B; the benefit of service, and C; the profit of business unit, will be clarified, and useful information for management can be easily obtained.
<3 steps to implement managerial accounting>
Classify goods and services useful range for decision making
Identify direct expenses such as material expenses for classified products and product groups, and indirect costs such as common personnel expenses
Clarification of the leader (department) by each product line and implementation of performance evaluation system
There is a possibility that inefficiencies may occur due to the internal friction to clarify responsibilities and it may end up taking unnecessary time to start projects by only using your internal resources.
As for the implementation of managerial accounting, Itseki Group not only provides advices, but also provides on-site implementation supports, so please contact us.
Consolidated F/S Preparation Support
In the start up phase, you may just need to concentrate on the stand-alone financials and tax return, but after you receive funds from investors or decided to go public, the company may be required to prepare consolidated financial statements in order to overview the assets and profits / losses of the entire group including subsidiaries.
<3 steps of preparing consolidated F/S>
Elimination of the intercompany transaction and the adjustments of the intercompany profit margins
Elimination of the intercompany receivables and payables
Implementation of an uniform group accounting policies
It is necessary to build a complicated processes to prepare consolidated financial statements, especially when...
(1) the various capital flows into your company, such as mutual shareholding between parent company and subsidiary;
(2) there are many subsidiaries; or
(3) it is the first time to prepare consolidated financial statements
In the above cases, it is difficult to prepare consolidated financial statements with your own resources.
With in-depth knowledge and great experiences from supporting global leading companies, Itseki Group is capable of supporting any companies.
IFRS Consulting Service
Japanese companies usually prepare financial statements in accordance with Japanese Generally Accepted Accounting Standards ("J-GAAP"), however, it is required to prepare financial statements based on IFRS if the company wishes to raise funds from foreign investors. Therefore, Japanese companies may consider to apply IFRS instead of J-GAAP, which requires the adjustments between the GAAPs.
<4 Steps to implement IFRS>
Identification of the GAAP differences between IFRS and J-GAAP
Sorting out the tasks to be addressed on Japan end
Consider whether it can be put in the operation as well as the necessity of system migration
Applying the changes to the accounting operations
Implementation of IFRS has to be carried out concurrently with daily operations, and in most cases, companies face difficulties to handle it with its own resources.
Itseki Group has many experiences of being involved in many IFRS projects. Moreover, there are bilingual CPAs who are capable of supporting you in English or Korean to facilitate communication between the parent company and its subsidiaries.
Other Accounting and Tax Services
Please feel free to contact us for more information on other services we offer:
- IPO Support
- Support for reporting of overseas parent companies
- Support for the establishment of internal controls