Implementing new accounting pronouncements is a complex and laborious task. Bonadio has the industry expertise and resources to assist companies in implementing new accounting pronouncements. Whether it be the new leasing project or implementing revenue recognition, we would be happy to assist your company in implementing the new accounting pronouncements.
We take a hands-on approach to dealing with accounting implementation issues, and have recently been involved in revenue recognition and lease implementation projects. We will work with you to identify the areas of your business that are or will be impacted and then begin the review process through examining your current contracts and creating clear and concise documentation on how the standard will impact your business. Through this work, we will develop the overall supporting documentation, and where applicable work with you to determine the overall financial statement impact, if any as a result of the new accounting standard. However, we do not stop after the documentation and any adjustments are prepared. We will work with you, your external auditors and board of governance to ensure an effective audit process and adequate disclosures within the financial statements.