Menu
A provider of specialized data and analytics to the wholesale electricity market in North America had made multiple acquisitions over a two-year period and sought our expertise to perform technical accounting analyses, including memorandums and supporting workpapers to document the accounting and reporting for these acquisitions. The client lacked expertise with certain components of the transactions and internal bandwidth to complete these initiatives in a timely and efficient manner.
We worked with our third-party valuation partners to ensure the fair value of net assets acquired were appropriately identified. We provided detailed technical accounting memos addressing all significant accounting considerations, along with workbooks supporting the conclusions. Additionally, we provided journal entries and audit support for each acquisition as well. We utilized our templates and tools that have been accepted by auditors across the board and typically do not require any adjustments.
Our subject matter expertise in valuation and acquisition accounting, along with our delivery of documentation and support, allowed the firm to record the necessary entries, update financial statement disclosures and provide their external auditor with the required information in a timely manner. The acceptance of the deliverables by the auditor, with little to no follow-up, saved the client time and money, as they could provide the information in advance of year-end audit procedures and lessen the burden of providing materials and responding to queries during the busy audit period after each year-end.