Our key competence is the ability to apply accounting principles in practice and to use them as a tool to support our CUSTOMERS’ decision-making processes.


In particular, the focus of our services in this regard is on supporting our CUSTOMERS in such areas as:

  • Consultancy with regard to the recognition of transactions according to the Polish accounting principles and the IFRS/IAS;

  • Consultancy with regard to the implementation of the IFRS/IAS accounting principles and first-time financial statements according to the IFRS/IAS;

  • Development of asset impairment testing;

  • Development of assumptions and implementation of hedge accounting principles;

  • Drafting charts of accounts and accounting policy principles;

  • Development of consolidated financial statements for groups of companies.


Our CUSTOMERS in the area of accounting consultancy are companies in need of assistance in complex IFRS reporting issues, in particular with regard to mergers and consolidations, valuations (financial instruments in particular), impairment estimates, share-based payment schemes, deferred tax calculation, proper disclosures in financial statements.


Our CUSTOMERS are provided with support in the form of specific, tailored solutions

– impairment models or valuations, consolidation spreadsheets or opinions concerning the recognition of acquired assets or liabilities, template notes to financial statements.


We also provide regular consultancy in the fields of accounting and records to CUSTOMERS who encounter issues in recording or reporting complex transactions on a regular basis.


  • Consultancy retainer since 2013 – Bioton SA;

  • Consultancy retainer since 2012 – Trakcja SA;

  • Consultancy retainer since 2017 – Pfleiderer SA;

  • Numerous consultancy projects, including the application of the “own-use” exemption in forward contracts for the purchase of energy and hedge accounting – DUON SA;

  • Consultancy with regard to the application of the US GAAP to equity-settled derivatives – Citibank Plc – Centrum Usług Wspólnych;

  • Numerous consultancy projects with regard to the IFRS – MCI SA;

  • Implementation of a hedge accounting policy – PERN SA;

  • Numerous consultancy projects with regard to IFRS lease accounting – DeLage Landen SA;

  • Consolidation of financial statements according to the IFRS – Hyperion SA;

  • Consolidation of financial statements according to the IFRS – MNI SA;

  • Consolidation of financial statements according to the IFRS – Lark.pl SA;

  • Numerous projects concerning the determination of accounting principles for companies from a fund’s portfolio – Innova Capital SA;

  • Numerous projects concerning the application of an accounting policy – DAS Najlepsze z Polski SA;

  • Implementation of the IFRS 9 categorization for loan agreements – a loan company;

  • Development of financial statements in accordance with the IFRS and IFRS 9 and IFRS 15 implementation – KazakhAtom;

  • Determination of the method of recognition of securitization transactions for lease receivables – a banking and leasing group;

  • A model developed for share option-based management remuneration in accordance with IFRS 2 – a listed company;


  • Groups of companies are required to develop consolidated financial statements.

  • Listed companies present such statements on a quarterly basis.

  • A multi-annual consolidation spreadsheet must be developed and properly maintained for consolidation purposes.

  • In larger groups, consolidation packages must be introduced for companies.

  • Under IFRS 3, the purchase price must be allocated and the goodwill must be measured on the basis of the fair value of the assets and liabilities acquired.


Consolidation and purchase allocations are technically complex and resource-intensive processes. With Ground Frost’s assistance, the customers do not have to concern themselves with the proper execution and time-consuming nature of the works. And most importantly – we work as closely as possible with the customer as if our team were part of the customer’s.

Purchase price allocation

According to IFRS 3 (and the Polish Accounting Act), an entity which takes over control over another entity must calculate the fair value of identifiable assets and liabilities acquired and must measure the goodwill. These processes are complex and require expertise.

GF’s valuation and modeling experience helps identify assets and liabilities and value them at fair value. GF also measures the fair value of the payment received (which is important in the case of conditional payments) and determines the goodwill.

Consolidation spreadsheet development

A consolidation spreadsheet (in an Excel file or a consolidation system) must reflect all adjustments which are necessary to develop financial statements in conformance with the IFRS. A spreadsheet of this kind must also be transparent and auditable.

GF develops consolidation spreadsheets for many complex and multi-level groups of companies both in Poland and abroad. Our experience involves in-depth knowledge of the IFRS.

Consolidation spreadsheet maintenance

Any adjustments added to a spreadsheet in successive years must be inherently coherent and must reflect changing values of adjustments from the acquisition date and mutual elimination of equity balances and transactions.

GF’s assistance in consolidation ensures that adjustments are well-ordered and consistent over the years, and adjustments already consumed are removed from the balance sheet.

Recognition of complex transactions in consolidated statements

There are a number of transactions which pose a particular difficulty in the consolidation context:

  • Acquisition/sale of businesses;

  • Shareholding changes in businesses;

  • Spin-offs;

  • IFRS 2;

  • Reorganization at group level.

In-depth understanding of the IFRS principles is necessary in order to recognize such transactions in the spreadsheet, conduct all settlements, and finally recognize them in the financial statements.

GF has many years of experience in supporting the settlement of even most complex equity transactions for listed companies. The results of our works are audited by some of the most reputable auditing firms and receive an unqualified opinion. We are one of very few service providers who are able to both categorize and value share-based payments in accordance with the IFRS.

Development and follow-up of consolidation packages

In the context of larger groups of companies, consolidation packages must be developed in order to obtain all information necessary for consolidation purposes. Then the process must be followed up in order to ensure proper completion and timely delivery of the packages to the consolidation staff.

We have experience in developing consolidation packages and overseeing the process of delivery and obtaining the feedback.

Development of consolidated financial statements

In addition to consolidated balance sheets and P&L accounts, groups of companies must also present additional information, which differs from a sum total of individual inputs.

  • Different disclosure requirements;

  • Eliminated items;

  • Different significance levels.

Therefore, the need to present consolidated notes is an additional source of difficulty for enterprises.

We both assist our customers in developing their financial statements and take over the process from them on a regular basis. We have experience in developing disclosures for the purpose of consolidated financial statements and communicating with customers in order to complete notes which require the involvement of the customer’s management.