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A provider of specialized data and analytics to the wholesale electricity market in North America 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 desired our expertise with certain components of the transactions for which they were not familiar and to supplement their internal bandwidth to complete these initiatives in a timely and efficient manner.
We worked with our third-party valuation partner to determine the fair value of identified net assets acquired. We provided detailed technical accounting memos addressing all significant accounting considerations, workbooks supporting the conclusions and worked with their accounting team to transition the knowledge and deliverables, further developing their capabilities. Our support included all respective journal entries needed and any requested audit support for each acquisition. We utilize a set of templates and tools that have been accepted by auditors in all of our business combination work and typically result in very few, if any, adjustments or further support requirements.
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, allowing them to provide information in advance of year-end audit procedures, lessening the burden of providing materials and responding to queries during the busy audit period after each year-end.