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Financial reporting standards – known as Generally Accepted Accounting Principles (GAAP) – exist to streamline the complexities of reporting. They determine the way financial information is prepared and presented, but standards can differ from country to country.
Although international standards are becoming more consistent to meet increasing demand for transparency in financial reporting, US and Dutch GAAP, along with International Financial Reporting Standards (IFRS), still differ significantly for many items. This means that failure to properly translate financials can lead to serious complications. If, for example, a Dutch BV is owned by an American company, discrepancies can lead to long-term inconsistency. Or if a Dutch company has American shareholders, similar confusion can arise.
Without the necessary expertise, any attempt to translate from one set of standards to another comes with a high level of risk, while a significant amount of time and research is needed to properly compare both sets of standards. And because amendments to these standards are made on an annual basis, it is impossible to rely on an understanding of existing differences without frequent revision.
Fortunately, Bol International now offers full-service support for companies in need of GAAP translation. Our experts will keep your reporting compliant and up to date so you can focus on what you do best.
Our GAAP translation services are Bol International’s newest offering out of our US Desk. We tailor our services to each individual client’s needs by looking for specific areas of practice that might be sensitive to GAAP conversion.
For example, if goodwill is recognized on a balance sheet, we will need to take into consideration the different ways goodwill can be expressed, depending on local GAAP. This is why asking questions up front is always key: how was goodwill initially recorded? How has it been treated since that time?
Gaining a clear understanding of the parameters of a client’s reporting allows us to constantly track for changes in local standards.
At Bol International, we employ fully qualified CPAs with the GAAP expertise needed to translate your Dutch financial statements according to US standards. Bol International’s services are a far more cost-effective option than hiring a CPA in-house, and they eliminate the serious risk and time investment involved in any attempt to carry out financial translation yourself.
And given the breadth of the other professional services Bol International can provide – such as expat services and tax support – we are uniquely equipped to be your one-stop shop. The more services we are able to cover, the more savings we can pass on to you.
Your point of contact for GAAP translation at Bol International is Derek, a US native and licensed CPA. Together, he and his team possess a deep understanding of both US and Dutch reporting standards. They are your one-stop shop for ensuring reporting conforms to the relevant GAAP. And if you need additional services, he can connect you with other experts at Bol International who can address your wider needs.
GAAP services operate out of our dedicated US Desk, though our offices in the Netherlands are within easy reach. Our Amsterdam “rep office” is close to Schiphol International Airport, while our other offices are only an hour’s drive away. Click here to find out more about Bol International.
Connect with a member of our team today to find out exactly how we can help you.