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Intercompany

1. Intercompany Transaction Identification

Identify all intercompany transactions for the reporting period.

Verify the nature of each transaction (sales, services, loans, etc.).

Ensure proper documentation for each transaction is available.

2. Pricing and Terms Review

Confirm that intercompany pricing complies with transfer pricing policies.

Review the terms of the transactions for consistency across entities.

Document any exceptions to standard pricing or terms.

3. Currency Considerations

Identify the currency used for each intercompany transaction.

Ensure proper currency translation is applied where necessary.

Document the exchange rates used for each transaction.

4. Journal Entries Preparation

Prepare journal entries for intercompany transactions in each entity's books.

Ensure that entries are recorded in accordance with GAAP/IFRS standards.

Review entries for accuracy and completeness before posting.

5. Reconciliation of Intercompany Balances

Perform a reconciliation of intercompany accounts between entities.

Identify any discrepancies and investigate their cause.

Resolve discrepancies through communication with the involved entities.

6. Reporting and Disclosure

Prepare intercompany transaction reports for consolidation purposes.

Ensure accurate disclosure of intercompany transactions in financial statements.

Review compliance with applicable regulations and reporting standards.

7. Documentation and Compliance

Maintain comprehensive documentation for all intercompany transactions.

Ensure compliance with tax regulations and transfer pricing documentation requirements.

Regularly review policies and procedures for improvements or updates.

8. Review and Approval Process

Establish a review and approval process for intercompany transactions.

Ensure appropriate personnel are involved in the review process.

Document approvals for audit trail purposes.

9. Audit and Monitoring

Conduct regular audits of intercompany transactions and balances.

Monitor compliance with intercompany policies and procedures.

Address any issues or findings from audits promptly.

10. Continuous Improvement

Gather feedback from stakeholders on the intercompany process.

Identify areas for improvement and implement changes as necessary.

Stay updated on changes in regulations and best practices in intercompany accounting.

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