SGV launches the APAC FAAS Hub


On 14 July 2016, SGV, with the support of the Global and APAC Financial Accounting Advisory Services (FAAS) Leadership, formally announced the start of the APAC FAAS Hub operations.

Established to support the growth of the FAAS practice in APAC and with headquarters in Makati City, the APAC FAAS Hub leverages on the capabilities and capacity of the Philippine practice. It is composed of FAAS professionals and supported by the Asia-Pacific Talent Hub. The APAC FAAS Hub offers support on key FAAS solutions, which include contract reviews for IFRS 9, IFRS 15, and IFRS 16 engagements, treasury work, hedge accounting, financial instruments, accounting memos for IFRS conversion and transaction accounting, and accounting policy reviews. It is headed by FAAS Partner Benjamin Villacorte (BNV) and supported by ASEAN and Philippine FAAS Leader Aris Malantic (ACM).

In his opening remarks, SGV Chairman and Managing Partner Vic Noel said, “As part of our commitment as a global organization to deliver exceptional service to our clients worldwide, the APAC FAAS Hub aims to leverage on the capabilities and capacity of the Philippine FAAS practice in order to support the growth of our FAAS practice in the region.”

Global FAAS Leader Peter Wollmert, together with Global FAAS Markets Leader Karsten Füser and member of the Global FAAS team Detmar Ordemann graced the launch. In his speech, Mr. Wollmert mentioned that AsiaPac FAAS will grow over the next few years. Joon Arn Chiang, APAC FAAS Leader, supported this point by highlighting the Hub’s contribution to the FAAS practice: “What you are doing here will be a big difference for us in AsiaPac FAAS and for us in achieving our Vision 2020 goals.”

After the ribbon-cutting ceremony, SGV Country Managing Partner-Designate Itos Cruz closed the program with a toast. He said, “This FAAS Hub is a testament to the purpose that EY and SGV have: building a better working world.”

Other guests include Global Delivery Services Assurance Leader Robert Akright, APAC FAAS Markets Leader Kieren Cummings and SGV Vice Chair for Client Service Wilson Tan.