Time-saving global accounting consolidation
Our global accounting service will ease your year-end process with a combination of proactive consulting and accessible online tools.
Challenge
A company in the technology sector needed to consolidate the financial information for their defined benefit plans in seven countries.
In the past, the in-house team was responsible for reporting for these defined benefit plans under US GAAP (ASC 715), and much of the input and consolidation of financial information was carried out manually. This additional work created challenges for the financial reporting team in an already extremely busy period.
Solution
Using our Milliman Account system, a web-based tool for managing multi-national disclosures, we helped them achieve:
- Easy and timely access to consolidated reporting output for their pension plans
- Improved efficiency in reporting financial information to their global parent company
- Greater automation in the submission, consolidation and update (including currency conversions) of the disclosure figures
- Increased confidence in the accuracy of the consolidated disclosure figures, thanks to Milliman Account validation checks and independent actuarial review of the disclosure figures and assumptions
- More time for the financial reporting team to deal with other matters during the critical year-end reporting period
- Improved oversight of the plans included in the consolidation of the initial Milliman Account set-up process
- Identification of plans excluded from the consolidation as part of the initial Milliman Account set-up process
- The ability to consider plans for future inclusion as circumstances change
Contacts
Isabel Coles
Head of International Consulting, MBWL International
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Email:
isabel.coles@mbwl-int.com
Tel: +44 20 3949 5710
Isabel Coles
Head of International Consulting, MBWL International
A multilingual expert in employee benefits for multinational corporates.
Isabel heads up MBWL International, advising multinational organisations on their employee benefits arrangements around the world, with a focus on corporate sales and purchases, accounting disclosures and the financing, risk management and design of benefit plans.
Her vast experience includes leading global accounting consolidations under international, UK and US accounting standards for multinational companies headquartered in the UK and overseas – with consolidations ranging in size from two to over 50 defined benefit plans.
She has advised both corporate and private equity buyers on the employee benefit considerations (including pension liabilities) associated with corporate sales and purchases in Europe and worldwide, from due diligence through to closing and subsequent integration work. Isabel has also undertaken many benefit audits and benchmarking exercises, including a 25-country audit for a company in the technology sector.
Other areas of Isabel’s expertise include reviewing and establishing international pension plans, advice on individual expatriate employee benefit packages and supporting multinationals in agreeing and implementing global governance approaches and policies for managing their employer benefit plans.
Isabel chairs the International Committee of the Association of Consulting Actuaries and is fluent in German and French.
John-Paul (JP) Augeri
Managing Director and Global EB Consulting Leader, Milliman
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Email:
johnpaul.augeri@milliman.com
Tel: +1 347 541 1146
John-Paul (JP) Augeri
Managing Director and Global EB Consulting Leader, Milliman
A global human capital and risk management leader with wide-ranging technical and management experience.
JP joined Milliman to lead the Global Employee Benefits Consulting Practice, in partnership with MBWL. He has over twenty years’ experience helping multinational clients to design, deliver and manage programs globally across pensions, benefits and M&A. He specialises in solving complex global issues and delivering value and innovation to multinationals and their employees.
His expertise includes: global pensions and benefits; M&A; funding, investment, and derisking strategies; change management; total rewards and employee experience; global client management and business development.
He has also served as a board chair and senior advisor, as is a frequent external speaker who has helped lead several client roundtables.
JP is a Fellow of the Institute of Actuaries in the UK, and he has lived and worked in the US, UK, Germany, and Austria.