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Technical Accounting Advisory

Implementation of new accounting standards, Assistance with Transactions, Conversion of US GAAP Financial Statements to IFRS, Audit Preparation

Technical Accounting Advisory

Technical Accounting Advisory

AAFCPAs provides financial management assistance on complex technical accounting issues, bringing deep, functional expertise with a holistic approach. We have significant experience advising clients on new or complex applications of accounting pronouncements from the Financial Accounting Standards Board (FASB) and Governmental Accounting Standards Board (GASB). Since 1973, we have been helping our clients efficiently and effectively maintain compliance with accounting, financial, and regulatory changes.

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 technical accounting issues, allowing clients to confidently apply the standards with greater efficiency and ease.

  • Revenue Recognition: ASU 2014-09, Revenue from Contracts with Customers (Topic 606), is effective for public business entities and certain not-for-profit entities with annual reporting periods beginning after December 15, 2017. All other entities are required to adopt this by annual reporting periods beginning after December 15, 2018. Entities may now early adopt.  This new standard may result in significant changes to the timing and amount of revenue recognized by an entity.  Applying the new standard will require changes in company policies and controls.   AAFCPAs provides guidance on the implementation of this complex new standard, including recommendations related to interpretation and situational judgments. AAFCPAs’ Revenue Recognition Task Force includes senior level professionals, who have been devoted to understanding and interpreting this ASU 2014-09 since the FASB announced the project.
  • Nonprofit Financial Statement Presentation: ASU 2016-14, Not-for-Profit Entities (Topic 958), Presentation of Financial Statements of Not-for-Profit Entities, affects substantially all nonprofits as well as creditors, donors, grantors, and others that use their financial statements. This standard is effective for fiscal years beginning after December 15, 2017. AAFCPAs advises nonprofits in assessing the impact of the new standards, and provides guidance throughout the transition process. In addition, we advise clients on reviewing and updating accounting policies and procedures to reflect any changes, including solutions for processing information and producing financial reporting in line with the new reporting standard.
  • Lease Accounting: ASU 2016-02, Leases (Topic 842), is effective for fiscal years beginning after December 15, 2019, for non-public companies. AAFCPAs advises businesses on practical considerations for lessees and lessors, allowing clients to proactively prepare for the new standard’s impact on current and future operations.
  • Business Process Improvement: Implementation of many of these new accounting standards requires changes to business processes combined with analyses of systems capabilities. AAFCPAs’ integrated Business & IT Advisory 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. Our approach to business process improvement is focused on efficiency, effectiveness, and internal control within the context of a company’s information system capabilities.

ASSISTANCE WITH TRANSACTIONS

AAFCPAs assist clients with operational and financial reporting needs for business mergers, acquisitions, divestitures, IPOs, and debt or equity raising.

  • Accounting for business combinations and purchase price allocations
  • Business valuations
  • Financial due diligence or agreed upon procedures
  • IT and operations due diligence
  • Evaluating tax exposures
  • Working capital calculations
  • Designing controls and GAP analysis

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

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’ Managed Accounting Solutions 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:

  • Audit readiness review
  • Selection of audit firm
  • Communication and planning with the audit firm
  • Account reconciliation
  • Preparation of audit schedules
  • Technical research, and writing technical memos
  • Preparation of checklists
  • Financial statement preparation
  • Preparation of financial sections of SEC filings
  • Interfacing with the auditors

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.

Consistent delivery of the highest levels of quality assurance, tax and other professional services demands discipline and a commitment to continuous learning. Our people combine technical competence with their commitment to obtaining the requisite knowledge and skills to continue to anticipate the ongoing and evolving needs of our clients.

At the end of the day, it is our expertise that clients value the most. We understand the nuances of the industries we serve because we have been committed to providing sound advice to clients for over 40 years.