International Finance Group

Purchase Accounting: Accounting Method Change

A story about applying the right business process optimization to close the deal.

The Challenge

Our client, a REIT being acquired by a large PE firm, required a transformation of their financial statements from a cash basis/tax basis of accounting to full US-GAAP compliant accrual accounting in order to secure financing and close the deal.

Our Solution

IFG’s National Practice Director served as the interim CFO for the REIT, with duties to convert the accounting to accrual basis, develop the Closing Balance Sheet, the Opening Balance Sheet, and all related purchase accounting entries. The Director positioned a team of 4 consultants to complete the project quickly to meet the required deadlines.

The Outcome

The financial statements were converted to the accrual basis, and all related Purchase Accounting entries were booked timely. The deal closed as intended. IFG developed internal controls, processes, and procedures to ensure that the client’s accounting staff could continue accurate accounting under the accrual basis without outside assistance. IFG remains a valued business partner to the client, providing targeted consulting services – primarily business process optimization – as the company continues to grow.

Work With US
Having a pipeline of people and stability in our organization- we’ve had people who have been here for a long time with a network they can lean on vs. having to go do cold calls every time. Even though that’s of course still part of it-but since this is what we specialize in and do day-in day-out, the clients’ needs are the primary part of it. Managing their expectations of the market and just doing a better job of vetting people on the front side.
Eric Maleski
Partner

Leverage
Our Expertise,
Achieve Your Goals

Join our team and help us create innovative and user-friendly software solutions for our clients.

WORK WITH US
Back to

Success Stories

Industry Spotlight:

Non For Profit

The nonprofit sector is characterized by its distinct set of challenges and unique mission-driven goals. From managing limited resources to fulfilling a noble cause, nonprofits require specialized recruitment support. Whether you need project professionals for short-term initiatives or seek full-time staff, IFG offers comprehensive and cost-effective assistance. We excel in evaluating, planning, and executing recruitment strategies, particularly in areas such as finance, IT, outsourcing, and full-time placements.
Our expertise spans across your nonprofit organization, ensuring you have the right individuals in place to further your altruistic mission and make a meaningful impact in the community. Rely on IFG to help you find the dedicated individuals needed to drive your nonprofit's goals forward.