TAFR COE - Revenue Recognition New Standards Success Story

IT Services Company

Large Technology Reseller sought out Jefferson Wells superior technical accounting expertise to assess and implement new accounting standards.

Woman in glasses works

Business Issue

This Technology Reseller needed to implement FASB ASC606 new revenue accounting standard by the effective date and required our expertise and knowledge in technical accounting and financial reporting to drive the project.

Solution

Jefferson Wells performed an assessment, working with the companies external auditors, and effectively reached technical conclusions.  After initial assessment, we helped quantify/train and perform the implementation. During the middle of the project, the client made an acquisition so Jefferson Wells supported assessing and implementing the merged company, while also vetting the accounting conclusions and values with a new audit firm.  Jefferson Wells was able to articulate the company and industry positions with the external audit firm to reach a collaborative consensus. With the knowledge of the entity and data, we extracted, analyzed, and made computer auditable adjustments for the firm.

Results

  • FASB ASC 606 Compliance
  • Technical accounting integration of new company financials
  • External audit acceptance of successful implementation