New Standard Implementation
Putting New Standards Into Practice Shouldn’t Be Painful
Keeping up with and implementing the latest complex accounting standards can be a challenge for any business.
CSH’s team of best-in-class accounting experts are dedicated to following the latest standards and are specialized in implementation, so you can let us handle the heavy lifting while you focus on what your business does best.
Accounting standards are always evolving, and there are nuances to various industries that need to be taken into account. Oftentimes there are decisions to make around implementation, which require the ability to look further downstream and scenario-plan to understand future implications. This is all part of the value that we add.
Working with a strong partner like CSH, will help you approach and implement new standards in a way that is most favorable to your organization.
Our Process Is Customized Based on Your Business Needs, but Typically Includes
Determining the scope of the new standard
Understanding the reasons for the issuance
Analyzing the key provisions of the new standard
Evaluating IT requirements needed to support implementation
Comparing the accounting standard with previously codified GAAP rules
Implementing application guidance from the FASB/GASB while taking into account specialized industry guidance
Establishing internal control policies
Analyzing implementation choices and understanding associated implications
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