The Group has vast experience in reporting according to the various Virtual accounting standards (IFRS, USGAAP and Israeli GAAP), international reporting to foreign investors from various countries and the conversion of financial statements between the different standards. We integrate accounting with financial reporting, as required by the client. The services are provided by experienced accountants who specialize in different types of reporting, from financial statements for public companies under review or auditing, to monthly or quarterly internal reports for high-tech companies' boards of directors.
The reports are provided in Hebrew or English, depending on the company’s requirements. The company receives its financial statements on schedule and in the most cost-effective manner. Our accountants are also experienced in preparing reports for the Israel Innovation Authority and other government agencies, as well as coordination with external auditing firms, including the “Big 4” firms.
In October 2008, the SEC issued a clarification regarding the judicial ruling concerning “The independence of the auditor: Assisting in the preparation and editing of financial statements for the auditor.”
The clarification states that beginning in 2009, annual reports prepared with the assistance of an auditor would not be considered by the SEC to be audited and/or reviewed financial statements that meet legal securities requirements and regulations, due to a question pertaining to the independence of the auditor.
This clarification increased the burden on CFOs and accountants at companies that previously had always used auditors to assist in the preparation of their financial statements, both for the preparation itself and to contribute their professional knowledge to the preparation.
The Report Preparation Department in the Guberman Group provides a solution to the new market requirements and offers its experience in the preparation of financial reports for both private and public companies, and its extensive knowledge and experience in the preparation and auditing of financial statements in accordance with the Securities Law and the rules set by the IFRS or USGAAP.
The department works in full coordination and cooperation with auditing firms. All accounting issues that arise during the preparation of the reports are discussed and resolved with them. Preparation of the financial report is based on ongoing personal contact with the company and an understanding of its characteristics and business environment.