Accounting Standards/Regulatory Updates and Implementation
Minimize the Impact of Rapidly Changing Accounting and Regulatory Reporting Requirements
The implementation of well-designed, applied, and monitored standards provides a solid foundation for your organization to comply with relevant regulatory obligations and reduces risk exposure. That's why we provide:
Regulatory Training Programs Monitoring
Clark Schaefer Consulting can provide regulatory compliance training to ensure all employees are kept up-to-date on the relevant legislation and regulations your organization is operating in.
We can also help you better position your organization and help build a training program for the staff concerning their individual responsibilities.
General Compliance Consulting and Advisory Services
At Clark Schafer Consulting, we can provide regular compliance updates and provide insights on how the changes in legislation and regulation may impact your business.
In instances where an independent compliance audit is required, our team will collaborate with the auditor, and provide all documentation and information required for the audit.
Identify, measure, and assess the compliance risks associated with the organization, including risks associated with the material changes in, or the development of new, products, types of business, or customer relationships.
Staying on Top of an Evolving Landscape
As changes occur in accounting standards, we adapt to provide the services our clients need.
Lease Accounting Standard (ASC 842/GASB 87/IFRS 16)
In recent years, profound shockwaves have resonated through the accounting world with the issuance of new lease accounting standards by the Financial Accounting Standards Board (FASB), Governmental Accounting Standards Board (GASB), and the International Accounting Standards Board (IASB). These new regulations have fundamentally transformed the required treatment of lease contracts in financial reporting.
Our suite of services includes:
Project planning and management
Lease inventory and abstraction
Impact assessment of ASC 842/GASB 87/IFRS 16
Lease accounting software selection and implementation
Data migration and validation
Journal entry creation
Footnote disclosure composition
Department-wide training on new processes and controls
Beyond the initial transition, we also provide post-implementation review and ongoing compliance support.
CECL (Current Expected Credit Loss)
The CECL standard is a significant accounting change that affects how businesses calculate and report their credit-loss risk for financial assets recorded at amortized cost. CECL was introduced by the Financial Accounting Standards Board (FASB) in the United States and is designed to provide a more forward-looking and principles-based approach to recognizing credit losses.
Clark Schaefer Consulting can assist with:
Segmenting your organizations Held to Maturity debt securities portfolios
Measurement of expected credit losses on financial assets
CECL modeling and validation
Development of methodology and approach
Achieving compliance with implementation of the standard