Accounting Standard Implementation

Implementing New and Emerging Standards

We assist companies with complex accounting policy research and implementation in all areas of US GAAP and IFRS. We have built a market leading team to offer our clients high quality industry insight and implementation solutions for new accounting standards such as revenue recognition, lease accounting and CECL.

Our Services

The new revenue recognition standard (ASC 606) will replace nearly all existing revenue recognition guidance – more than 150 specific pronouncements and interpretations, including industry-specific guidance. Companies must revise their accounting policy documentation to re-articulate their revenue recognition policy under the new principles in ASC 606. Further, the new standard requires significantly more disclosure, which is likely to have a big impact on processes, systems and controls, even if the actual accounting does not change much.

How Can CrossCountry Help?

Our professionals have been following the development of the standard since the first exposure draft was released in 2010. With experience managing large implementation projects, extensive knowledge of both the new and existing revenue recognition rules and the ability to work seamlessly with your auditors and other service providers, we are ready to help you manage this critical project.

We can support clients throughout the entire implementation process, including:

  • Creating an inventory of revenue arrangements.
  • Developing and documenting new revenue recognition positions and policies.
  • Calculating “day 1” adjustments.
  • Preparing disclosures required by the new standard.
  • Assessing and updating processes, systems, controls and other wider business impacts.
  • Providing overall PMO support.

 

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The new lease accounting standard, Topic 842, enhances the transparency of material lease obligations by requiring lessees to recognize most leases, including operating leases, on their balance sheets.

How Can CrossCountry Help?

We offer our clients a flexible approach to the implementation of Topic 842 – from technical accounting support, to overall PMO, to focused assistance with specific aspects of implementation to providing qualified resources to supplement your existing implementation team.

By supporting clients throughout the entire implementation process or specific aspects of the effort:

  • Identifying the inventory of leases by type.
  • Updating or developing and documenting key accounting policies and policy decisions (e.g., transition relief).
  • Analyzing the lease vs. buy decision framework for lessees and lessors.
  • Assessing and updating processes, systems, controls and other wider business impacts.
  • Providing overall project management and training.
  • Assisting with contract reviews, identification of separate lease and non-lease contract components, identification of additional data elements and calculation validation, implementation of new processes or lease accounting/management automation tool, training, etc.
  • Providing knowledgeable, trained consultants to supplement existing implementation teams.

 

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The new financial instruments-credit losses accounting standard, also referred to as the Current Expected Credit Losses (CECL) model (Topic 326), replaces the current incurred loss model with a forward-looking expected credit loss model that considers a broader range of reasonable and supportable information in estimating credit losses. The application of CECL may be the most significant change ever made to financial institution accounting.

How Can CrossCountry Help?

With our experience managing large implementation projects, knowledge of both the new and existing accounting standards for credit losses related to financial instruments and our ability to work seamlessly with auditors and other service providers, we are primed and ready to help you manage this important project and achieve a successful and efficient implementation of the new standard.

  • Updating, developing and/or documenting key accounting policies and policy decisions.
  • Assessing if the accounting policy methodology approach produces results consistent with the standard.
  • Assessing and updating existing processes, systems, controls and other wider business impacts.
  • Implementing new processes and/or assisting with modelling software selection.
  • Assisting with identification of additional data elements/storage and retrieval and calculation validation.
  • Coordinating with the risk management and internal audit functions to ensure the spirit of the standard is collaboratively maintained and supported.
  • Providing knowledgeable, trained consultants to supplement existing implementation teams.
  • Providing overall project management and training.

 

Contact UsView BrochureCECL Readiness Assessment

 

Case Studies

Learn about how we prepared a comprehensive set of revenue recognition policy memos for the client,
covering all significant business units and revenue streams.
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Featured Insights

Meet Our Accounting Standard Implementation Leadership Team

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KEITH LINHART

Partner

Acctg. Standard Implementation

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ADAM WASHECKA

Principal

Revenue
Recognition

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JAMES MEDEIROS

Principal

Lease
Accounting

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KEITH ST. GERMAIN

Director

CECL

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