What is Technical Accounting?
Organizations may need assistance with technical accounting for a variety of reasons, such as accounting standard implementations, complex transactional accounting matters, GAAP conversions, SEC reporting, other regulatory compliance and reporting, debt and equity financings, or on-call resources for general technical accounting and financial reporting support. Our industry-focused technical accountants provide turn-key and tailored solutions while focusing on a myriad of risks to help you see around the corner. Our accounting advisory clients range from small companies to multi-national Fortune 500 clients.
Explore Our Technical Accounting Service Offerings
Accounting Standard Implementation Services
Demystifying new and complex accounting standards to ease compliance burdens
Navigating the environment of continuously changing accounting standards can be challenging for any organization. Our team of dedicated and experienced professionals have developed an array of technical accounting solutions, accelerators, and strategic technology alliances designed to help clients implement new accounting standards in a seamless and cost-effective manner. Consulting services cover such standards as:
- ASC 842, Leases Accounting
- ASC 606, Revenue Recognition
- ASC 326, Financial Instruments – Credit Losses (CECL)
- Other New Accounting Standards
Accounting for Complex Transactions
Helping to Build Value in Every Transaction, in Every Way
Business combinations, carve-outs, divestitures, IPO readiness and public filings require specialized skills and knowledge as well as considerable effort and attention. We have the experience and technology to support clients in integrating and accounting for these complex transactions:
- Business Combination Accounting
- Carve-out and Pro-forma Financial Statement Preparation
- IPO Readiness, Accounting, and Reporting Services
- Accounting and Reporting Assistance to Public Companies
Preparing for an IPO, an opening balance sheet after an acquisition, or for an audit can disrupt accounting operations. Today’s finance and accounting teams align with experienced professionals to eliminate technical accounting challenges so that they can remain focused on being a day-to-day strategic member of the business.
Technical Accounting and Financial Reporting
Guiding Businesses to Better Decision-Making by Navigating Technical Accounting Challenges
The corporate and regulatory environment is constantly evolving, causing significant challenges for organizations. Our clients often maintain adequate staffing to address normal recurring accounting requirements, but do not have the capacity or expertise required to address highly technical accounting matters quickly and efficiently. This is where we provide immediate value. Our technical accountants are highly skilled and well trained to provide on-call technical accounting and reporting assistance. We do this by using an interactive approach with a high-touch experience from our management team.
Our technical accounting advisory professionals stay current on new accounting pronouncements and changes to assist clients in proper financial reporting in accordance with GAAP, IFRS and SEC requirements.
We offer a variety of solutions including:
- Financial Reporting for Public and Private Companies
- Financial Statement Conversion (GAAP/IFRS, Cash Basis to GAAP, etc.)
- Audit Readiness
- Variable Interest Entities (VIE)
- Debt and Equity Transactions
- Derivatives and Hedging
- Share-Based Compensation
- Foreign Currency
- Inventory Costing
- Software Capitalization
How We Helped Our Clients with Technical Accounting Services
Assisting SEC Filers with Complex Accounting Matters
Meeting Urgent Need for Financial Statement Conversion and S-1 Support
The Challenge: A life sciences company traded on the Canadian Exchange was filing its financial statements in accordance with IFRS and had an urgent need to convert those statements to US GAAP to become a public registrant in the United States.
Our Solution: Through detailed discussions with leadership, Cherry Bekaert assessed the Company’s challenge and implemented a strategic plan to: 1) convert the accounting records from IFRS to GAAP; 2) draft the financial statements in accordance with PCAOB standards for the Company’s S-1 filing; 3) provide ongoing support throughout the audit and 4) assist with responding to SEC comments. We mobilized the necessary resources quickly and were able to ensure the client met all critical deadlines.
Helping Companies with Financial Statement Readiness
Providing Timely Expertise to Meet Filing Deadline with Technical Memos, Policies, Financial Statement Preparation and S-1 Support
The Challenge: An industrial company needed advisory assistance to draft technical accounting memos, ancillary support on financial statement readiness and coordination with their external audit firm to meet an expedited S-1 filing deadline.
Our Solution: We met with the Company’s leadership team and created a project plan listing all technical accounting memos, and key accounting considerations leading up to the S1 filing. We drafted technical memos for two acquisitions, segment reporting, and goodwill impairment testing. Our team also identified two unrecorded capital markets transactions that required valuation and accounting, wrote an accounting policy to support the Company’s calculation of inventory on the balance sheet, and assisted with the analysis and related accounting for its stock compensation.