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Technical Accounting Consulting
Whether it’s preparing compliant financial statements for an initial public offering properly recording a business combination resulting from a merger or acquisition, or preparing for an audit, accounting and financial reporting responsibilities can be complex and time-consuming. With lean accounting and finance departments, organizations often struggle to just keep up with day-to-day demands that require considerable effort and attention.
RSM’s dedicated team of experienced professionals can help. We can assist your organization as you navigate myriad technical accounting and financial reporting needs. At times, complex accounting issues require knowledge of specialized guidance. Our experienced professionals come from a variety of backgrounds; they have worked at national CPA firms, in private industry and in our own audit practice. They have experience in a variety of industries. The breadth of this experience helps to provide a unique perspective.
By combining a deep understanding of accounting standards with a full range of advisory services, our integrated team of technical accounting consultants will use their industry experience and public and private company finance experience to create dynamic and holistic solutions in response to your organization’s needs.
It can be challenging to allocate in-house resources to manage the research, possible resolutions and documentation of complex accounting matters. Our dedicated team of advisors and industry experts can help you navigate these challenges, practically and operationally. Areas where we can assist include:
- Accounting for complex debt and equity financings, debt modifications, financial instruments and derivatives
- Responses to regulatory comment letters
- Impairment analyses for both goodwill and long-lived assets
- Analysis of share-based payments
- Selection of the reporting currency and the analysis of foreign currency transactions
- Identification of appropriate consolidation models including consideration of variable interest or voting interest entities
- Audit readiness support – preparation of financial statements and disclosures, identification of weaknesses, audit support for complex accounting matters
- On-call advisory services
- Outsourced financial accounting support
To meet capital-raising needs on a global scale, financial statements need to reflect the accounting standards relevant to potential investors and creditors. Our team of professionals can assist with:
- Analysis of accounting and reporting implications of capital market transactions
- Conversion of financial statements prepared in accordance with Accounting Standards for Private Enterprises (ASPE) to International Financial Reporting Standards (IFRS) or U.S. generally accepted accounting principles (US GAAP) and vice versa
- Conversion of statutory financial statements prepared in accordance with local accounting standards to financial statements prepared in accordance with US GAAP or IFRS and vice versa
- Assistance with technical accounting matters in accordance with IFRS, including implementation of new accounting standards, accounting for the aforementioned transformative events, and financial statement reporting and preparation
- IPO readiness support for foreign companies looking to be added to a Canadian stock exchange and Canadian companies onto foreign exchanges
Significant accounting standards and changes passed by the International Financial Reporting Standards Board (IASB) and the Financial Accounting Standards Board (FASB) have created heavy compliance burdens and complex accounting challenges that lean accounting and finance departments in many organizations often struggle to handle. RSM’s technical accounting team is well-equipped to help your organization best understand, prepare for and implement such standards. Whether it’s helping you understand how to comply with the new revenue recognition standard (IFRS 15/ASC 606) or how to implement the new lease accounting (IFRS 16/ASC 842) or ASPE amendments to redeemable preferred shares, we can help. With technical proficiency in implementation, a keen understanding of the standards themselves and industry specific knowledge, our team will become a right hand to your accounting and finance department.
The accounting associated with transformative events often requires specialized skills as well as considerable effort and attention from a finance department. We can provide support to ensure the accounting for these events is completed effectively and efficiently. Services include:
- Mergers and acquisitions – Day one accounting implications, review of policies and procedures and development, resolution of potential buy-side and sell-side accounting issues
- Restatement services – Identification and analysis of areas for concern, audit process management, and development of enhanced policies and procedures to reduce risk
- Management of the complexities of carve-outs and development of stand-alone accounting and financial reporting infrastructure
- Support throughout the entire initial public offering process, including risk identification and control assessments, governance and financial reporting
- Buy/sell side diligence – Creation of accounting structure, review of internal controls and processes, preparation of purchase accounting and opening balance sheets
Advisory Services Insights
Understand the amendments to Business Acquisition Reporting requirements for Non-Venture Issuers that came into effect November 2020.
The current economic environment presents financial institutions with challenges to estimating credit losses on their loan portfolios.
In addition to addressing the operational impacts of COVID-19, entities should consider how it affects their financial reporting.
The effective date of IFRS 17 is deferred to Jan. 1, 2023 to allow for a smoother transition of the amended standard into legal systems.
Audit readiness shouldn’t be an afterthought of an acquisition. Being well prepared minimizes financial risks to your private equity firm.
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HOW CAN WE HELP YOU?
Contact us by phone +1.855.420.8473 or submit your questions, comments or proposal requests
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