Insight in applying accounting principles to specific transactions - - Today's complex business environment is reflected in today's complex accounting principles. When you add these complexities to the accelerating pace of business and the market's heightened interest in accounting, the challenge of "getting it right" becomes almost herculean. Whether you are dealing with an unusual transaction for the first time or a familiar transaction for which accounting literature has changed, having an expert to bounce ideas off of on a real-time basis reduces the risk of error. Our professionals have decades of experience dealing with tough issues. We can serve as a sounding board for your preliminary analysis, help identify the relevant issues and questions, assist in evaluating the appropriate accounting, comment on the documentation of your conclusions, and assess the quality of the company's proposed disclosures. Call on us to get our insight on the questions to ask and the alternatives to consider.

Expertise in researching relevant accounting principles - - Finding the relevant accounting principles for complex transactions is difficult for even the most experienced accountant. Frequently, the transaction is not specifically addressed in the literature and can be researched only by analogy to other similar (or sometimes dissimilar) transactions. The professionals at Financial Reporting Advisors (FRA) have spent over 50 collective years closely following the development of technical accounting guidance, authoring interpretive guidance, and advising on the nuances of accounting for a multitude of complex transactions. Our knowledge of the literature - what it says and where to find it - is unmatched. Tap into our expertise to help ensure that you have considered all the relevant accounting literature.

Objectivity in evaluating alternative accounting policies and practices - - The accounting for complex business transactions may be examined after-the-fact by others - new management, a potential acquirer, members of the audit committee, new independent auditors, or regulators. In addition to asking about the company's historical accounting policies and practices, these third parties may want to understand the pros and cons of other acceptable accounting methods. The professionals at FRA can identify and evaluate alternative accounting practices with consummate objectivity. Talk to us when you need a neutral, balanced assessment of the accounting for complex transactions.

Skill in assessing the quality of disclosures - - Audit committees, investors, analysts, rating agencies, regulators and others are placing increased emphasis on the transparency and clarity of a company's financial reporting. But evaluating the quality of financial disclosures requires more than the completion of a disclosure checklist. The professionals at FRA bring decades of experience and in-depth knowledge to their reading of a company's financial statements, notes, schedules, management discussion and analysis, and related disclosures. Contact us if you are interested in getting a fresh, highly skilled "check up" of the quality of your company's quarterly and annual financial reporting.

Assistance in understanding complex accounting issues - - The responsibilities and expectations of audit committees have never been greater. The same complexities and changes that challenge management, accountants, and auditors also confront audit committee members. Knowing what questions to ask and what answers to accept requires that audit committee members invest in their financial literacy and, on occasion, obtain input from highly skilled, plain-speaking advisors. Our seasoned professionals take pride in their ability to simplify the complex and explain issues in plain English. We can educate audit committee members on emerging financial reporting topics, explain the pros and cons of alternative accounting practices for specific transactions, supplement the committee's review of the company's external financial reporting, or advise the committee on the merits or shortcomings of the company's accounting practices. Ask for our assistance when the audit committee you serve on faces challenging financial reporting issues.

Knowledge of SEC specific requirements - - Complying with the requirements of GAAP is necessary but not sufficient for public companies. The positions of the SEC staff on GAAP matters as well as the SEC rules and regulations governing the timing, form, and content of financial information in SEC filings are equally as important. Questions such as whether separate financial statements are required, how the transaction might be discussed in MD&A or presented in supplemental schedules, and whether and where pro forma information or alternative measures of performance can be presented have to be asked and answered concurrent with the questions about applying GAAP. The professionals at FRA are well-versed in the SEC's rules and regulations related to financial information. Let our knowledge help you identify and address the SEC related aspects of a complex transaction.

Experience in responding to SEC staff inquiries - - As a result of the Sarbanes-Oxley Act of 2002, the SEC staff must review a registrant's financial statements at least once every three years. In that review process, it is reasonable to expect the SEC staff to ask about the accounting for and disclosure of complex transactions. The credentialed professionals at FRA have worked with many of the world's largest companies and are well-acquainted with the process of responding to SEC staff inquiries on a wide array of complex issues. Draw on our years of experience to assist you in responding to an SEC staff question about the accounting for a transaction in your company's historical financial statements.

Proficiency in explaining, researching, and evaluating the accounting for complex transactions - - Whether you need a straightforward explanation of a specific accounting rule or an in-depth analysis of arguments to support or refute an accounting position, our objective remains the same: to simplify the complex. The seasoned professionals at FRA are well-versed in the technical language and jargon of financial reporting but take pride in their ability to explain even the most complex accounting issues in plain English. Working independently or collaboratively with other experts we can:

• research the relevant accounting principles and SEC regulations;
• explain the genesis and evolution of specific accounting rules;
• advise on the merits or shortcomings of the accounting for a complex transaction;
• identify and evaluate alternative accounting policies and practices; and
• critique the quality and completeness of historical disclosures.

Let our proficiency in complex accounting topics help you understand and address the strengths and weaknesses of your client's financial reporting issue.

Clarity in describing complex transactions - - The logic and clarity of an expert witness' position are critical to successfully resolving a dispute. Complex transactions are particularly challenging because of the myriad ways in which they can be misunderstood, misinterpreted, or misrepresented. All of FRA's engagements are performed by certified public accountants each having 25 or more years of experience explaining complex transactions to a wide range of constituents. We explain our views in plain English and tailor our communication style to the needs of our audience. Add our unique blend of knowledge and clear thinking to your team to assist in resolving your client's financial reporting issue.

Know-how in analyzing and presenting complex transactions - - When submitting an accounting issue to an arbitrator or mediator, it is important to present compelling arguments to support a specific accounting conclusion and to understand how those same facts and accounting principles will be countered by the opposing party. Crafting these positions requires a complete understanding of the facts, deep knowledge of the relevant accounting literature, and skill at articulating the logic and merits of the argument. With decades of experience in analyzing, defending and refuting the accounting for complex transactions, the seasoned professionals at FRA are well-equipped to tackle the most challenging issues. Speak to us about using our know-how to resolve a dispute involving a complex accounting transaction.

Capability in explaining GAAP to regulators - - Regulators may be reluctant to accept GAAP accounting for rate making, capital adequacy or other regulatory purposes because of concerns about how GAAP works and whether the resulting information "makes sense" from a regulatory perspective. Convincing a regulator to permit the application of GAAP to a complex transaction requires a straightforward explanation of the transaction, its economics, and how GAAP reflects those economics. Our ability to simplify the complex and explain our views in plain English combined with our decades of experience dealing with the accounting for complex transactions makes us well-suited to serve as accounting experts when dealing with regulators. Bring our capabilities to bear in resolving disputes over the acceptability of GAAP for regulatory purposes.