Accounting standards implementation

Creating and adopting pragmatic, cost-effective operational solutions

Significant accounting standards and changes passed by the International Financial Reporting Standards (IFRS) Foundation and the Financial Accounting Standards Board (FASB) have created heavy compliance burdens and complex accounting challenges to companies like yours who are operating lean accounting and finance departments.  When standards were initially announced, companies were forced to build procedures for compliance. However, they’re quickly learning the new standards are far more challenging than many realized and are struggling to keep up.

RSM’s technical accounting consultants understand the complexity the standards represent and the significant changes required. Adoption and implementation of new standards offer an incredible opportunity to improve efficiency, enhance information systems and strengthen processes and controls.

Through a multiphased technical accounting process and technology and risk assessment, our dedicated team of experienced professionals can design a customized implementation plan that is scalable to your organization’s needs. We offer in-person support, from complete implementation and project management to high-level advisory services, plus the documentation needed for internal and external requirements. Let us demonstrate why companies like yours should use this opportunity to create operational efficiencies.

Expansive and industry-specific technical accounting consulting services

Revenue recognition

Many companies are confused with the reporting processes that need to change. We help you understand FASB’s five-step model for recognizing ASC 606 revenue from customer contracts, the amount of revenue recognized and then help apply the revenue model.

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ASC 842 Compliance

Data collection tasks are daunting. RSM’s approach to lease accounting and reporting requirements provides ongoing accounting and reporting support for ASC 842 compliance in accounting, finance and reporting, real estate, tax and technology areas.

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CECL Implementation

FASB’s current expected credit losses (CECL) implementation standard affects all financial institutions. We help assess your risk management frameworks, credit models, data requirements, accounting policies, procedures, controls and IT systems.

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