ENVIRONMENTAL, SOCIAL AND GOVERNANCE 

PBS works with companies to develop sustainable strategies and provide ESG financial reporting to their key stakeholders. 

The risks associated with sustainability and climate change have increased in recent years, resulting in increased regulations both within Canada and internationally. 

Two major financial reporting standards were issued in June 2023 by the International Sustainability Standards Board (ISSB) which require companies to disclose information about their sustainability-related risks and opportunities. 

• IFRS S1 – General Requirements for Disclosure of Sustainability-related Financial Information. 
• IFRS S2 – Climate-related Disclosures.

Canadian public companies and other entities reporting under IFRS will be required to comply with these new standards, effective for annual reporting periods beginning on or after January 1, 2024. 

It is essential that companies develop an ESG strategy for financial reporting to meet the needs of their stakeholders, including investors, employees, customers, suppliers and regulators.

IFRS CONVERSION AND IMPLEMENTATION  

PBS has also successfully managed and implemented several IFRS Conversion Projects for Canadian public and private companies who transitioned their financial reporting from Accounting Standards for Private Enterprises (ASPE) to IFRS. 

These projects typically arise when companies are preparing for a liquidity event, such as an initial public offering (IPO) or business sale.

We plan, manage and execute these projects, include performing the initial impact assessments, drafting Position Papers, selecting accounting policies and drafting the IFRS annual and interim financial statements. 

PBS has extensive experience and expertise in new IFRS implementation. We have recently helped companies implement the new financial reporting standards for Financial Instruments (IFRS 9), Revenue (IFRS 15) and Leases (IFRS 16). 

IFRS Implementation Projects include assessing the impact of new accounting standards, compared with the existing guidance, on a Company’s financial statements and business operations. There are typically three key phases involved in IFRS Projects: Phase 1 - Plan, Analyze and Assess; Phase 2 - Solutions Development and; Phase 3 – Implementation and Sustain. 

A high-level Project Plan is developed in Phase 1 which addresses the key project phases, and includes the project scope, approach, deliverables, resources, risks, communications, costs and project management. 

The Diagnostic work performed in Phase 1 focuses on identifying the key accounting differences and assesses their broader impact on the Company, including business processes and systems, communications and training. Key recognition and measurement differences and additional note disclosures are initially identified, and alternative accounting policies are considered. Transition Methods available for the new IFRS must also be evaluated and assessed, together with any transition reliefs available to the Company.

The Solutions Development Phase 2 work typically includes finalizing new accounting policies, drafting note disclosure requirements, developing systems and processes enhancements and selecting a Transition Method. Preliminary calculations of the potential financial impact of the new IFRS are also performed. These changes are incorporated in Phase 3 Implementation, and the accounting adjustments are finalized. The new processes and systems are then tested and rolled out, along with staff training and communications.
 

IFRS Projects can be significant undertakings for Companies to implement and involve several moving parts impacting different aspects of the business. Project Management is critical and must be applied throughout the IFRS Project to ensure it is appropriately resourced, completed on time and within budget.  

FINANCIAL EFFECTIVENESS

Financial Effectiveness services include business processes and controls, internal financial performance reporting, cash flow management, operational due diligence and interim management services. 

PBS has worked on several major business processes improvement projects. We can help you make your business processes and controls more efficient, saving you time and money. We tailor the controls to the level that makes sense for your business, and document the business processes. This provides you with a comprehensive record to share with your existing and new employees, owners or prospective buyers.

PBS can help you implement special ‘one-off’ projects which are high priority but which you may not have time to perform, due to lack of internal resources or expertise. These may include internal business performance reporting, cash flow forecasting and working capital management, operational and financial due diligence.

We develop and enhance internal financial performance reports and management accounts by identifying and focusing on key financial metrics and performance indicators. These include financial forecasts and cash flow projections, giving you relevant, timely management information to make better business decisions going forward. 

We also help companies deal with unexpected staff changes, manage growth and prepare for succession. To facilitate this, we provide companies with interim CFOs, VP Finance and Controllers. 

Mike Powell is an accomplished Finance Executive, having held senior VP Finance/Controller roles at Corporate and Business levels for several major Canadian and UK public and private companies. His interim financial assignments include VP Finance/Controller work performed for Ryder Integrated Logistics, Calmena Energy Services, Rank Leisure Group and Boots PLC. 

Mike has led and managed several cross-functional project teams and is a valuable team player. He has diverse industry experience gained working in the energy, financial services, construction, retail, manufacturing and distribution sectors.