Technical Accounting
Navigate Accounting Complexities with Confidence
Support for Mastering Complex Accounting Challenges
In this ever-evolving regulatory environment, our team is dedicated to staying current with the latest accounting changes and pronouncements.
IFG Advisory routinely assists small to medium-sized, public and private companies with their most complex accounting issues. Whether implementing new accounting standards or navigating complex reporting requirements, our dedicated experts have the collective knowledge and industry experience to provide best practices, relevant research and key insights to ensure compliance and position your organization for future success.
Trusted Expertise. Immediate Value.
Advisory Solutions
Navigating the complexity of new or modified FASB standards and initial adoption elections can be quite time consuming and overwhelming, IFG eases this burden with our team of technical accounting experts who understand the compliance challenges faced by mid-size, private companies.
Technical Accounting Areas
- ASC 842 Lease Accounting
End to end adoption, complicated lease challenges, outsourced part time staff augmentation.
- ASC 606 Revenue Recognition
End to end adoption for companies that have recently gone public or acquired a company not following ASC 606. Complicated or new contract review, outsourced part time staff augmentation.
- ASC 805 Business Combinations
White paper & initial purchase accounting entries, support & documentation.
- ASC 350 Goodwill and Other
Qualitative impairment assessment documentation & quantitative fair value modeling using the income approach.
- ASC 360 Impairment or Disposal of Long-Lived Assets
Triggering event analysis & documentation, test for recoverability, fair value modeling using the income approach.
Deliverables
- Technical White Paper
Relevant to your company, your elections & conclusions, adoption impact, etc.
- Policy Documentation
Write the policy for you and make it specific to your accounting processes & systems. Exclude what’s irrelevant & unnecessary.
- Procedural Documentation
New accounting pronouncements may result in process changes. Design & document step-by-step procedures for training purposes with graphics, screenshots, FAQ’s. etc.
- Public Accountant Collaboration
Work hand in hand with your public accountant to ensure they are comfortable with the completeness & accuracy of the Technical Whitepaper & Policy.
- Adoption Journals
Create the initial journals needed for adoption of the new or modified standard along with templates & models for any go forward journal entries.
- Footnote Disclosure
Create year one footnote content & schedules. Complete the relevant sections of the disclosure checklist required by your public accounting firm.
- Software Tools
Provide or build Excel driven models to support the ongoing documentation & accounting (journal entries) for the new standards. When complexity or scale justifies the use of software, we can help with selection & implementation process. We are completely unbiased & independent.
- Reference Training Materials
Ensure you have the technical reference & training information necessary for ongoing success. Provide ongoing technical “help desk” support as needed when those unusual transactions occur.
The Financial Accounting Standards Board (FASB) continually updates or issues new accounting guidance. Navigating the complexity of these new or modified standards & initial adoption elections can be quite time consuming and overwhelming for lean accounting teams. IFG Advisory can ease the burden with our team of technical accounting experts. We have extensive practical experience in both public accounting and industry. We strive to implement the new standards practically based specifically on what is relevant and important for your company.
Technical Accounting Areas
- ASC 842 Lease Accounting
End to end adoption, complicated lease challenges, outsourced part time staff augmentation.
- ASC 606 Revenue Recognition
End to end adoption for companies that have recently gone public or acquired a company not following ASC 606. Complicated or new contract review, outsourced part time staff augmentation.
- ASC 805 Business Combinations
White paper & initial purchase accounting entries, support & documentation.
- ASC 350 Goodwill and Other
Qualitative impairment assessment documentation & quantitative fair value modeling using the income approach.
- ASC 360 Impairment or Disposal of Long-Lived Assets
Triggering event analysis & documentation, test for recoverability, fair value modeling using the income approach.
Deliverables
- Technical White Paper
Relevant to your company, your elections & conclusions, adoption impact, etc.
- Policy Documentation
Write the policy for you and make it specific to your accounting processes & systems. Exclude what’s irrelevant & unnecessary.
- Procedural Documentation
New accounting pronouncements may result in process changes. Design & document step-by-step procedures for training purposes with graphics, screenshots, FAQ’s. etc.
- Public Accountant Collaboration
Work hand in hand with your public accountant to ensure they are comfortable with the completeness & accuracy of the Technical Whitepaper and Policy.
- Adoption Journals
Create the initial journals needed for adoption of the new or modified standard along with templates & models for any go forward journal entries.
- Footnote Disclosure
Create year one footnote content and schedules. Complete the relevant sections of the disclosure checklist required by your public accounting firm.
- Software Tools
Provide or build Excel driven models to support the ongoing documentation & accounting (journal entries) for the new standards. When complexity or scale justifies the use of software, we can help with selection & implementation process. We are completely unbiased and independent.
- Reference Training Materials
Ensure you have the technical reference and training information necessary for ongoing success. Provide ongoing technical “help desk” support as needed when those unusual transactions occur.
Ready to grow with confidence?
Contact our team today for customized solutions that drive your business forward.
