AAFCPAs offers a deep bench of expertise to help clients navigate the complexities of preparing financial statements in today’s dynamic environment. During market downturns, we support impairment analyses, assessments of financing arrangement changes, and evaluations of going concern considerations. In periods of market growth, we assist with acquisition strategies, divestitures, and IPO readiness. Throughout these fluctuations, we ensure compliance with new accounting standards, meet reporting requirements, and refine accounting policies. We act as an extension of your in-house team to help execute these critical tasks.
AAFCPAs Technical Accounting Advisory Solutions Include:
Implementation of New Accounting Standards
Understanding and implementing accounting standards can be complex, time-consuming, and often require requisite skills and expertise not found on your internal finance team. AAFCPAs provides financial management assistance on complex FASB and GASB technical accounting issues, allowing clients to confidently apply the standards with greater efficiency and ease.
Now supporting clients with:
- Issued In 2024
- Update 2024-02—Codification Improvements—Amendments to Remove References to the Concepts Statements
- Update 2024-01—Compensation—Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards
- Issued In 2023
- Update 2023-09—Income Taxes (Topic 740): Improvements to Income Tax Disclosures
- Update 2023-08—Intangibles—Goodwill and Other—Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets
- Update 2023-07—Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
- Update 2023-06—Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative
- Update 2023-05—Business Combinations—Joint Venture Formations (Subtopic 805-60): Recognition and Initial Measurement
- Update 2023-04—Liabilities (Topic 405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 121 (SEC Update)
- Update 2023-03—Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (SEC Update)
- Update 2023-02—Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)
- Update 2023-01—Leases (Topic 842): Common Control Arrangements
- Business Process Improvement: Implementation of new ASUs often requires changes to business processes combined with analyses of systems capabilities. AAFCPAs’ integrated Business Process & IT Consulting practice has a stellar record of implementing incremental value-added change, with the ability to track results and measure success, and to align with business goals and process performance objectives.
How will you approach this ASU Implementation?
Download AAFCPAs Lease Implementation Checklist
Grant Compliance
At AAFCPAs, we empower nonprofit organizations to navigate the complexities of grant compliance with clarity and confidence.
We help nonprofits navigate grant compliance by interpreting agreements and regulatory frameworks to meet donor and government expectations. Our team strengthens internal controls and documentation practices to safeguard compliance, provides guidance on recognizing grant income under ASC 958-605, and prepares organizations for audits by minimizing noncompliance risks. Additionally, we optimize reporting processes to ensure accurate, timely submission of financial and operational data to grantors, helping nonprofits maintain transparency and accountability.
Uniform Guidance Compliance
AAFCPAs partners with nonprofit organizations to address the intricacies of Uniform Guidance (UG) compliance, providing tailored expertise in areas such as indirect cost rate negotiations and analysis, interpreting UG requirements, and implementing effective internal controls. Our experienced advisors help nonprofits maximize allowable reimbursements while ensuring compliance, empowering them to focus on advancing their mission with confidence.
Why UG Compliance Matters
Compliance with Uniform Guidance is essential for promoting accountability, transparency, and the responsible use of federal funds. By adhering to UG’s consistent cost principles, procurement standards, and reporting requirements, nonprofits can reduce the risk of audit findings, financial penalties, or loss of funding. Maintaining compliance demonstrates financial integrity, builds donor confidence, and secures ongoing access to federal grants.
AAFCPAs Understands UG Complexity
Navigating UG compliance is challenging due to:
Diverse Requirements: UG consolidates detailed regulations covering allowable costs, procurement, reporting, and internal controls, requiring consistent application across all awards.
Varied Funding Sources: Managing multiple grants from different federal agencies, each with unique terms, adds complexity.
Indirect Cost Rates: Calculating and negotiating these rates demands precise cost allocation and documentation.
Evolving Regulations: Periodic updates require continuous education and policy adjustments.
High Stakes: Noncompliance risks severe consequences, including penalties and disallowed costs.
AAFCPAs helps clients confidently navigate these challenges, ensuring compliance and safeguarding their funding streams.
Assistance With Complex Business Transactions
AAFCPAs’ Business Transaction Advisory practice guides clients through complex transactions such as mergers, acquisitions, divestitures, IPOs, and capital raising. We provide expertise in accounting for business combinations and purchase price allocations, conduct financial, IT, and operational due diligence, and evaluate tax exposures. Our team also assists with working capital calculations, designs internal controls, and performs gap analyses to ensure seamless and informed decision-making throughout the transaction process.
Conversion of US GAAP Financial Statements to IFRS
Converting US GAAP Financial Statements to IFRS can be a significant finance transformational event for a company, and AAFCPAs provides guidance on the aspects executives need to address when converting.
- Identification of accounting differences
- Application of IFRS 1, first-time adoption of IFRS
Audit Preparation
For non-audit clients, AAFCPAs serves as an extension of your finance team, providing hands-on assistance in preparing for your financial statement and employee benefit plan audits, and interacting with your auditor throughout the process as needed.
AAFCPAs’ Outsourced Accounting & Fractional CFO practice provides audit prep services delivered by senior-level CPA firm auditors, as well as CFOs and Controllers in Residence who understand your perspective. Solutions may include:
AAFCPAs works in tandem with your current CPA firm as needed to ensure auditor independence and objectivity, as well as adequate risk management, internal controls, and sound governance.
Other Nonprofit Advisory
For nonprofits, AAFCPAs offers additional specialized guidance on technical accounting issues:
- Consultations on long-term capital needs and financing options to consider
- Guidance on the unique restrictions and compliance aspects of federal awards
Let’s Connect
Matthew Hutt
Destiny J. Flood
Olga Yasinnik
Nicole Zompa
Contact AAFCPAs
We look forward to speaking with you to determine how we may best solve your needs. A firm representative will reach out to you within one business day. Looking for additional ways to reach us? Visit our Contact Page. >>