Financial Reporting
At the request of a client, Burke Consulting will research and analyze the reporting and disclosure requirements of certain statements of financial accounting standards (SFAS) or certain exchange regulatory reporting requirements. This research and analysis includes the review of all applicable published interpretations by the standard setting or regulatory body as well as recommendations as to the adoption of the new standard or requirement.
Benefits
- Increased familiarity and exposure to the principles and factors of new standards, rules or regulations.
- Differentiation of current reporting policies and procedures from those required by new standards, rules or regulations.
- Recognition of the potential effects of the changes in reporting and disclosure, required by new standards, rules or regulations, on stakeholders’ perceptions, particularly with respect to risk assessment.
- Tools and practical solutions for the implementation of the challenging requirements of new standards, rules or regulations.
- Identification of the latest trends in the adoption of new standards, rules or regulations.
- Increased internal control over the adoption and implementation of new accounting principles.
- Development of alternative accounting and reporting strategies.
- Assistance in the implementation of changes in accounting policies and procedures.
- Educational support in orientating employees to the underlying requirements of new standards, rules, or regulations.
Examples of Engagements
- Financial reporting issues from recent SEC rules or enforcement cases.
- Compliance with the SEC’s new executive compensation disclosures.
- Accounting for stock based compensation.
- Accounting for revenue recognition.
- Accounting for the impairment or disposal of long-lived assets.
- Accounting changes and error conditions.
- Accounting for the uncertainty in income taxes.