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IAS 19 Requirements in Israel
Public and private companies in Israel, which implement IFRS accounting standards in their financial reports, need to engage with local reliable and experienced IAS 19 actuarial experts.
These local IAS 19 experts, will perform actuarial valuations of employee benefits offered by their client. The actuarial valuations should fully comply with IAS 19 prescribed accounting, reporting and disclosures obligations.
Israeli Subsidiaries of Multinational Corporations
- For Israeli subsidiaries of multinational corporations, this IAS 19 process is often more demanding and complicated.
- In many cases, corporate HQ appoints a consolidating actuary to manage, control and supervise the IAS 19 employee benefits valuation process, performed by third-party actuaries hired locally by its subsidiaries around the globe.
- When this is the case, Israeli third-party actuaries are required to have the capacity to accurately comply with strict guidelines, procedures, reporting requirements and deadlines, set by corporate HQ and the consolidating actuary.
- These requirements may pose complex professional challenges to the locally hired actuaries, as they are often not customary in Israel.
- Israeli third-party actuaries also need to be able to freely communicate in English in all forms communication.
All this, on top of local Israeli reporting and disclosures obligations.
How KrollConsultants Can Help
- KrollConsultants is ideally positioned to provide its clients in Israel with extensive IAS 19 actuarial services, for their employee benefits plans.
- Over the past 10 years our team has delivered a wide variety of IAS 19 employee benefits projects, to more than 300 Israeli clients, many of which are industry leaders.
- These clients span all sizes, types and sectors:
- Private companies.
- Public companies.
- Israeli Subsidiaries of multinational corporations.
- Government companies, organizations and agencies.
- Uniquely, our Israeli team includes actuaries as well as former big-4 Certified Public Accountants (CPAs).
- Our CPAs focus on the links between actuary and accounting, through the development of innovative tools and solutions used in our IAS 19 projects.
- Our Israeli team of hand-picked professionals is ideally structured, managed and supervised to handle our clients’ IAS 19 projects, in an efficient, accurate, professional and timely manner.
- All our Israeli team members are friendly, responsive, multilingual (Hebrew, English, Russian, Ukrainian) and client-service focused.
- We develop and employ advanced software tools and working methods, that enable accurate, reliable and timely IAS 19 actuarial valuations.
- Our IAS 19 clients in Israel include Israeli subsidiaries of multinational corporations. We therefore have vast experience successfully working with and reporting to corporate HQs and consolidating actuaries on diverse IAS 19 employee benefits projects, related to the Israeli subsidiaries.
- As a global consulting firm and as a “consultant of consultants“, we have been assisting other consulting firms from around the globe, by complementing their global capabilities and bridging their global knowledge gaps.
- We do it by using our global multidisciplinary network of local consultants and survey data providers which spans over 180 countries across 6 continents.
- In this capacity, we have been providing IAS 19 actuarial services to subsidiaries of multinational Corporations in other countries (e.g. Greece and Turkey).
- Most of our IAS 19 clients in Israel are audited by one or more of the big-4 accounting firms or by other leading multinational accounting firms and multinational accounting alliances member firms:
– Geneva Group International (GGI)
- As our IAS 19 team comprises former big-4 accountants, we “speak” the big-4 language and harmoniously cooperate with them.
- KrollConsultants has also been providing IAS 19 – related consulting services to some of the leading audit and accounting firms in Israel.
We provide professional and technical guidance and training to our clients’ teams, who are working with our team on IAS 19 employee benefits projects.
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