The Business Challenge
- Many public and private companies and organizations in Israel, implement the IFRS accounting standards in their financial reports.
- They are therefore required to perform actuarial valuations of certain employee benefits, to comply with IAS 19 accounting and reporting obligations.
- To do that, they need to engage with a local reliable and experienced IAS 19 actuarial consulting firm.
- For more information about IAS 19 in Israel, see our explainer video.
A More Demanding Process
- For Israeli subsidiaries of multinational corporations, the IAS 19 process is often more demanding and complicated.
- Multinational corporations with multiple subsidiaries around the globe, usually appoint “Consolidating Actuaries”, to monitor the global annual and interim IAS 19 work.
HQ Appoints Consolidating Actuary
- The consolidating actuaries, issue detailed instructions to local IAS 19 actuaries, engaged by the subsidiaries in the different countries.
- They create procedures, assign tasks, and set milestones and deadlines, both on global and country levels. They would also dictate specific and strict reporting methods to the local actuaries.
- Each local actuary, is required to fully and accurately comply with all instructions, reporting obligations, and deadlines.
Your Israeli IAS 19 Actuaries Required to Report to Consolidating Actuary Abroad
- For the local Israeli actuary hired by an Israeli subsidiary, this would mean full and strict obedience.
- They are required to accurately comply with all guidelines, procedures, reporting obligations and deadlines.
- These requirements usually come on top of local Israeli reporting and disclosure obligations.
- When establishing a company in Greece, Turkey and any other EEMEA country, or when operating subsidiaries and affiliates in these markets, local IAS 19 actuarial services may be required.
- Many global Actuarial, Human Resources, Human Capital and Management Consulting firms, do not hold local presence in these locations. When working on IAS 19 client projects, these global consulting firms often require local actuarial services.
- Hiring local IAS 19 actuaries in Greece, Turkey and EEMEA countries, could prove very challenging and daunting, especially for new entrants, due to:
- Culture Barrier
- Language barrier
- Scarcity of local IAS 19 actuarial experts with sufficient experience, knowledge and the ability to work flawlessly with foreign teams and under foreign supervision.
- Lack of local reliable contacts and market knowledge.
- These risks need to be properly managed and mitigated.
Recommended Solution
- IAS 19 Actuarial valuations require two prominent skills: actuarial and accounting.
- Actuarial consulting firms which employ skilled actuarial experts and former big 4 licensed accountants on their IAS 19 teams, would be the obvious choice.
- Your IAS 19 experts should be responsive, cooperating and seasoned professionals with extensive IAS 19 – related experience.
- Their track-record should include IAS 19 actuarial valuations for public and private clients, of different sizes and industries.
- They should be able to work seamlessly and comfortably with accountants and actuaries of the big-4 accounting firms.
- On top of the above, Israeli actuarial consultants hired by Israeli subsidiaries of multinational companies, should be able to render seamless, high-standard IAS 19 valuation services.
- They need to have the experience interacting seamlessly with consolidating IAS 19 actuaries and working with accounting firms abroad.
- They must be able to freely communicate in English, through all forms communications.
- You need to engage with a partner that operates a multidisciplinary network of local contacts, which includes IAS 19 actuaries and accountants.
- Your partner should be able to manage and monitor all professionals hired locally for your IAS 19 project.
How KrollConsultants Can Help
- Uniquely, our Israeli IAS 19 team includes seasoned actuarial experts and former big-4 CPA licensed accountants.
- Our IAS 19 accountants study the relationship between actuary and accounting, through the development of innovative tools and solutions, employed in our IAS 19 actuarial valuations.
- KrollConsultants is ideally positioned to provide its clients in Israel with extensive IAS 19 actuarial services.
- Over the past 10 years, our team has delivered a wide variety of IAS 19 actuarial valuations in Israel.
- Our IAS 19 team has served more than 300 Israeli clients. These clients span the full range of sizes, types and industries, and many of them are leaders in their fields:
- Private companies
- Public companies
- Israeli Subsidiaries of multinational corporations
- Governmental organizations
- Our Israeli IAS 19 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 use advanced IAS 19 actuarial software tools, developed internally, for every part of the actuarial valuations process.
- Our IAS 19 clients in Israel include Israeli subsidiaries of multinational corporations.
- We have worked seamlessly with consolidating actuaries in other countries, on diverse IAS 19 actuarial valuations related to Israeli subsidiaries.
- As a global consulting firm and as a “consultant of consultants”, we cooperate with the largest global actuarial, human resources and management consulting firms.
- We help extend their global reach by bridging their worldwide service, knowledge and data gaps.
- We do it by utilizing our global multidisciplinary network of local consultants, salary survey data providers and information sources, in more than 180 countries.
- In this capacity, we have provided IAS 19 actuarial valuation 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 the big-4 accounting firms or by other international accounting alliances firms:
- PWC
- EY
- KPMG
- Deloitte
- BDO
- 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 constantly train our IAS 19 team and provide professional and technical guidance to our clients.
Need Our Help? Please Get In Touch
- Whether you are an executive, a professional or a consultant with a business need. Or have a question regarding our services and products. Please use this form to contact us.
- Alternatively, you can phone us at: +972 544 736 210. We shall be happy to provide you with all the information you need.
- See here for all other contact options.
We look forward to speaking with you.
