Audit Technical Implementation

Accounting is complex and doesn't always make sense.

How do you prepare financial statements for an initial public offering? Did you account for the recent business combination resulting from the acquisition correctly?

To address complex topics completely and accurately, you need seasoned, dedicated professionals with focused attention on the matters at hand.

The day-to-day demands of controllership functions do not always allow for the "extras" that come through business.

And frankly, even the day-to-day demands of an accounting and finance team require significant time and commitment to meet the business's needs.

At Briggs & Veselka, we have dedicated resources to provide the ongoing technical accounting and financial reporting service needs of our advisory clients, including:

On-call technical accounting consulting
International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (GAAP) conversions
Assistance with implementation of accounting standards, including ASC 606 and ASC 842
In-depth reviews and/or drafting of technical accounting memoranda and conclusions
Assessment of current accounting policies and assistance in optimizing policy decisions
Leading the organization's preparation of Form 10-Q and 10-K
Drafting of key disclosures related to newly implemented accounting guidance

In addition to the above, Briggs & Veselka has the right blend of practical experience and technical knowledge to help address your most complex accounting issues.

We are here to assist you with those areas that require specialized guidance such as the following:

Accounting for complex debt and equity financings, debt modifications, financial instruments, and derivatives
Impairment analyses for both goodwill and long-lived assets
Analysis of share-based payments and assessment of the impact that share-based payments may have on company financial statements
Assistance in analyzing the accounting and reporting requirements for foreign currency transactions and the translation of financial statements from a foreign currency to the reporting currency for purposes of consolidation, combination, or the equity method of accounting
Evaluation of whether a reporting entity should consolidate variable interest or voting interest entities
ASC 842 – Lease Accounting: Review of leasing arrangements for accounting implications – debt versus lease considerations under the new leasing guidance
ASC 606 - Revenue Recognition

Our work at Briggs & Veselka is to ensure our clients' advisory needs are met through our depth of accounting standards knowledge and our breadth of experience serving clients like you.

Through our advisory services, our team of technical accounting consultants can help you proactively identify and address issues in an effective and efficient manner.

Technical Accounting Services

GAAP/IFRS AccountingInternal Control

GAAP/IFRS Accounting

Revenue recognition
Leases
Derivatives and hedges
Currency translations
Preferred stock and convertible debt
Stock options and stock-based compensation
Business transactions
Consolidations and equity method
Investments in non-controlled investments
Variable-interest entities
Financial reporting
LIBOR contracts and transition
PPP loan or grant accounting
Credit losses
Financial instruments
Fair value
Financing transactions
Impairment of goodwill, intangible assets, or property plant & equipment
Discontinued operations
Reporting of critical audit matters

Internal Control

Internal audit outsourcing/co-sourcing
SOX internal controls documentation and testing
Development of policies and procedures
Internal controls review and documentation
IT general controls assessment and IT performance improvement
Transformation of internal audit & Sarbanes-Oxley compliance

Who We’ve Helped

Revenue Accounting Conversion

$350 million private middle market IFRS manufacturing reporting entity with significant contracts for consideration.

Lease Accounting Conversion

$350 million private middle-market IFRS manufacturing reporting entity with 60 plus leases to be evaluated.
$400 million oil-field services company – lease consulting and drafting of year-end disclosures.
$250 million private middle market IFRS manufacturing entity owned by an international company.
- Thirty-five potential leases evaluated, determined appropriate accounting treatment in correlation with entries to record and preparation of memo outlining methodology, assumptions and conclusions.
- Worked with external auditors on behalf of client.
$500 million Non-Profit – operating vs capital consideration including preparation of assumptions related to fair value, discount rate and lease interpretation (pre-conversion evaluation).

Consolidations

$500 million – evaluation of investments to determine appropriate accounting treatment, including the need for consolidation.

Business Combination

Start-up entity with international investment requiring consolidation – evaluated recent acquisitions in order to determine if the acquisition was "under common control" or if it was a true business combination.
Prepared memo to document methodology of consideration and final accounting treatment.

Retained Investment in a Spin-off

Technology company spun off a separate business to a customer and retained a 20% interest in the new entity.
The accounting called for investment in the new entity to be reported at fair value.
Prepared memo to document methodology of consideration and final accounting treatment.

Preferred Stock

Energy company has a preferred stock issued with an initial discount and conversion terms.
Provided calculations of the initial preferred stock accounting including journal entries and supporting memo.
Provided period calculation of accretion of the preferred stock discount over the life of the preferred stock including conversions and redemptions.

Stock Compensation

Engineering company provided for redemption of shareholder equity based on certain criteria.
The accounting result could result in additional stock consideration upon redemption.
Analyzed the stock agreements, the accounting guidance and other facts and circumstances and proscribed the appropriate accounting treatment.
Prepared memo to document methodology of consideration and final accounting treatment.

Our Audit Technical Implementation Experts

Tom P. Donovan