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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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John-Paul (JP) Augeri

Director and Global EB Consulting Leader, Milliman

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Marc Oliver Heine

Director, MBWL International and Partner, Lurse

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