External Reporting and Technical Accounting
LEVERAGING INDUSTRY EXPERIENCE, TECHNICAL KNOWLEDGE AND TECHNOLOGYCompanies ranging from small and private to large and public have needs related to financial reporting, technical accounting and related project management. These matters may arise as a result of day to day operations and could include raising capital, new regulatory requirements, overall compliance concerns, lack of adequate staffing, lack of industry or technical knowledge, challenges from external auditors, process improvements, etc.
YOUR PARTNER IN EXTERNAL REPORTING AND TECHNICAL ACCOUNTING
Our External Reporting and Technical Accounting practice provides consulting for organizations that require specialized services. Our experience includes: assisting companies with preparation of financial statements and related information that are in compliance with SEC rules and regulations; developing and documenting conclusions on technical accounting matters that withstand auditor review; and providing guidance related to public offerings, business combinations and divestitures.
Your trusted advisor in evaluating the COVID-19 impact on accounting matters and your financial statements and related disclosures.
SEC filings and non-public financial statements and disclosures are required to contain accurate information, need to be consistent with the authoritative guidance and are subject to an external audit. Failure to comply with accounting and SEC rules and regulations could result in serious consequences and present significant unplanned challenges for a company. Our capabilities include:
- Review quarterly and annual financial statements including Forms 10-K and 10-Q
- Examine SEC related filings such as Form 11-K, Proxy Statement, Form F-1, Form S-1, restatements, etc.
- Evaluate other information contained within SEC filings and non-public financials including enterprise risks, key accounting assumptions and practices, required footnotes and disclosures, non-GAAP measures, etc.
- Draft disclosures for new accounting pronouncements
- Support financial statement footnote preparation
- Prepare disclosure checklist as well as supporting documentation
- Assess and assist in responding to SEC comment letters
Accounting standards continue to evolve as the FASB moves closer to international standards and attempts to modernize and simplify current standards. Companies must ensure they have the resources necessary to respond to accounting standard modifications and/or other internally driven changes that require review and an accurate accounting assessment. Our capabilities include:
- Conduct research, perform assessments, prepare documentation, develop conclusions and assist in implementation to support or form accounting positions
- Evaluate, implement and document significant new accounting standards including revenue recognition, leases, etc.
- Assess and document complex accounting topics such as debt and equity instruments
- Review impairment analyses
- Assist in all facets of purchase accounting which includes preparation of opening and closing balance sheets, review working capital adjustments, analyze divestiture accounting and pro forma financial information
- Examine accounting policies for GAAP, SEC and industry compliance
- Provide assistance on numerous accounting topics
Regardless if a company is in startup mode or is in existence for years, a need may arise for capital infusion through a public offering, whether through Special Purposes Acquisition Company (SPAC) or through a traditional IPO process. This is a significant undertaking for any company going through a debt or equity public offering. Successful execution will necessitate robust changes across all company operations and functions. Companies considering public offerings will need to evaluate if they have the adequate resources in place to perform an assessment, consider the results of the assessment and project manage the process. Our capabilities include:
Perform public offering and transaction readiness assessment
- Complete robust documentation review, inclusive of discovery interviews where appropriate, assess current readiness across critical functions
- Review focus areas and provide authoritative guidance
- Prepare materials, develop plans, provide training, and identify gaps
Project manage the process
- Lead tracking of task completion to ensure project stays on task and on
time across all phases
- Interact with relevant stakeholders
- Ensure proper sequencing and prioritization of tasks
- Provide regular reporting of progress