Technical Accounting & Financial Reporting

FD offers a wide range of accounting and financial reporting services to serve the needs of companies of all sizes and industries. Our award-winning firm is PCAOB-registered and participates in the AICPA peer review program, ensuring we are well-equipped to address your accounting questions and support your progress with confidence.

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Our Approach

A Streamlined, Pragmatic Approach to Accounting

FD’s approach is risk-sensitive, with consideration of the specific abilities of your internal accounting staff, any financial disclosure requirements and all federal, state and regulatory compliance issues.

By assessing the level of sophistication of your financial operations, we can minimize excessive fees and redundancies. Examining a company’s operations with a fresh perspective enables our team to make observations and recommendations that are substantive, relevant and practical.

PCAOB, AICPA, FASB

FD’s involvement with standard-setting boards of the accounting industry positions us to help businesses make sense of the continually changing regulatory environment and keep operations moving forward.

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Services We Provide

Technical Guidance to Remain Ahead of the Curve

FD’s technical accounting services guarantee that your financial reporting meets the highest standards of accuracy and compliance. Our experts specialize in applying complex accounting principles and standards, including GAAP and IFRS, to manage intricate financial transaction and reporting requirements. We further offer detailed analysis and guidance on issues like revenue recognition, asset valuation and lease accounting. Our team will deliver precise, transparent results while ensuring regulatory compliance, enhancing the clarity and reliability of your financial information.

ASC 842

Lease Accounting

Under the FASB’s Lease Accounting (ASC 842) standard, companies reporting under US GAAP must record an asset and a liability on the balance sheet for nearly all leases. Leased office space, equipment and automobiles are required to be reflected on the balance sheet. Assessing the impact of ASC 842 can be a daunting task for companies with hundreds (or even thousands) of leases. Since the standard applies to embedded leases, it can add complexity to the process; many contracts that may not be considered a lease contain embedded lease arrangements. FD’s technical accounting specialists can help you understand the financial impact of ASC 842 on your business.

ASC606

Revenue Recognition

FASB’s Revenue Recognition (ASC 606) standard provides the framework for revenue recognition from contracts with customers. The standard is designed to provide clearer and more consistent revenue recognition practices for public and private companies, enhancing the transparency and comparability of financial statements. Our specialists help companies determine if existing accounting policies and systems are in alignment with current standards.

How We Work with You

FD Engagement Model

Internal Control Review

This procedure concentrates on the control structure that produces your company’s financial information and not on the financial information itself. It is a thorough assessment of strengths and weaknesses, with particular focus on how these weaknesses could adversely affect the company’s ability to record, process, summarize and report financial information. FD provides recommendations to strengthen internal controls, develop asset protection and assure that transactions are executed in accordance with management’s authorization.

Agreed Upon Procedures

This is the process of applying specific procedures to an area of a financial statement or within a specific accounting cycle. A member of our team meets with you to determine what specific business goals you are trying to accomplish. You then receive an outline of recommended procedures necessary to achieve those goals. All agreed-upon procedures are then performed.

Ratio Analysis

This financial analysis identifies trends concerning your company’s financial stability and its ability to meet current operational obligations. The services are based upon comparisons with prior years, as well as with comparable industry competitors. This information assists management in focusing on the company’s financial strengths and weaknesses and can offer another way to interpret current financial information.

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