Advisory Committee to the SEC on Improvements to Financial Reporting (CIFR)
Obviously, the application of Accounting and Reporting Standards in the United States has become a daunting task and, in fact, an outright distraction for financial officers. According to the CIFR’s initial report, the complexities can be blamed on the unrestrained build-up of complicated accounting standards coming from the FASB, largely with the intent of conforming GAAP and IFRS, and on the mounting interpretations of those rules by regulators and the accounting firms. Couple this with the tightened independence standards placed on experienced auditors who, in the past, were more able to help their audit clients wade through these standards and interpretations, financial officers are finding a significant gap between their companies’ financial resources and the public and regulatory reporting demands being imposed upon them.
Following is a select list of topics that seems to present the greatest amount of application difficulty to financial officers. However, if there is GAAP involved, we have the team that can bring clarity to the application. Click a topic for more information…
|Business Combinations||Consolidation and VIEs|
|PIPE Transactions and Derivatives||EITF 07-05|
|Revenue Recognition||Variable Interest Entities|
Deliverables – Our deliverables include formal, written reports in accordance with AICPA Standards on the application of accounting principles (AT or SAS50), suitable to document the positions taken for internal purposes and as required by auditors. We are often asked to provide the calculations and other information necessary to record and disclose executed transactions. When we provide these services we deliver a solution that is well-documented, understandable and ready for audit.