US GAAP Accounting And Compliance
US GAAP Accounting And ComplianceAt Dang & Associates, we offer expert advisory and
implementation services for businesses navigating the complexities of US
Generally Accepted Accounting Principles (US GAAP). As the global business
landscape becomes more interconnected, compliance with US GAAP is crucial for
companies engaged in cross-border operations, particularly those with US-based
investors or operations in the United States. Our team helps businesses comply
with the rigorous standards of US GAAP, ensuring that financial statements are
prepared with accuracy, transparency, and full compliance with regulatory
requirements.
1. US GAAP
Implementation & Transition
Transitioning to US GAAP from other accounting frameworks can be a complex and
time-consuming process. We provide comprehensive support in the adoption and
conversion of financial statements to US GAAP, ensuring that all reporting
requirements are met. Our services include:
o Gap
Analysis – We conduct a thorough analysis of your existing accounting
policies and practices to identify differences with US GAAP and plan the
transition strategy.
o Conversion
Strategy – Tailored strategies to convert your financial statements to
US GAAP, covering key areas like revenue recognition, leases, financial
instruments, and taxation.
o Comprehensive
Reporting – Assistance in preparing US GAAP-compliant balance sheets,
profit and loss statements, statement of cash flows, and accompanying footnotes
and disclosures.
o Data
Conversion & Integration – We ensure that all historical
financial data is correctly restructured and integrated into the US GAAP
format.
2. Revenue
Recognition Under US GAAP
Revenue recognition can often be a challenging area for businesses. We provide
expert advice on the implementation of the core revenue recognition standard
under US GAAP (ASC 606). Our services include:
o Revenue
Recognition Policies – Assisting in the development of policies that
comply with ASC 606, ensuring that revenue is recognized when control of goods
or services transfers to customers.
o Contract
Analysis – Evaluation of customer contracts and the identification of
performance obligations and transaction prices.
o Complex
Revenue Streams – Guidance on revenue recognition for complex
arrangements, such as long-term contracts, subscription services, and bundled
products.
3. Accounting
for Leases (ASC 842)
US GAAP requires significant changes in the way leases are reported on
financial statements. Under ASC 842, both operating and finance leases are
recognized on the balance sheet. Our team assists with:
o Lease
Classification & Accounting – Determining whether leases
should be classified as operating or finance leases and ensuring the correct
recognition and measurement.
o Lease
Liabilities & Right-of-Use Assets – Assistance in calculating and
recognizing lease liabilities and corresponding right-of-use assets as per ASC
842.
o Transition
Support – Helping companies transition to the new lease accounting
standards by identifying all leases and ensuring compliance with the new
disclosure requirements.
4. Financial
Instruments & Derivatives (ASC 320, ASC 815)
US GAAP includes specific guidance on the accounting and reporting of financial
instruments and derivatives. We provide support in:
o Classification
& Measurement – Determining the appropriate classification and
measurement for financial instruments, including investments, loans, and
derivatives.
o Hedge
Accounting – Guidance on applying hedge accounting under ASC 815,
including the effectiveness of hedging relationships and reporting
requirements.
o Impairment
Testing – Assistance in conducting impairment testing for financial
instruments and recognizing impairment losses in accordance with US GAAP
standards.
5. Tax
Accounting & Compliance (ASC 740)
Tax compliance is an essential aspect of US GAAP reporting. Our services cover:
o Deferred
Tax Asset & Liability Recognition – Ensuring proper accounting for
deferred tax assets and liabilities in compliance with ASC 740.
o Uncertain
Tax Positions – Providing guidance on the recognition,
measurement, and disclosure of uncertain tax positions under ASC 740.
o Tax
Reporting & Disclosures – Assisting in preparing the necessary
tax-related disclosures and reporting requirements for financial statements.
6. US GAAP
Audit & Assurance Services
Our team provides audit and assurance services to ensure that your financial
statements are fully compliant with US GAAP:
o Audit
Support – Assisting businesses in preparation for audits by ensuring
that all financial statements and disclosures meet US GAAP standards.
o Internal
Controls Evaluation – Assessing the internal controls surrounding
financial reporting and identifying areas for improvement to ensure compliance
with US GAAP.
o Independent
Reviews & Reporting – Providing independent reviews of your
financial statements to ensure they are free from material misstatements and
fully compliant with US GAAP.
7. Ongoing
Compliance & Regulatory Updates
We understand that US GAAP is continuously evolving, and staying compliant is a
long-term commitment. Our ongoing services include:
o Regulatory
Monitoring – Monitoring updates to US GAAP and providing timely advice
on new standards, amendments, and their impact on your business.
o Training
& Capacity Building – Offering training to your finance team on
US GAAP standards and any recent changes that may impact your business.
o Quarterly
& Annual Filings – Ensuring the timely filing of quarterly and
annual financial statements in compliance with US GAAP requirements for public
companies and private entities.
Why Choose Dang & Associates for US GAAP
Accounting & Compliance?
- Expert
Knowledge of US GAAP – Our team has extensive expertise in
US GAAP accounting and compliance, ensuring accurate and reliable
financial reporting.
- Seamless
Transition & Implementation – We provide end-to-end
support during the transition to US GAAP, from gap analysis to
implementation and ongoing compliance.
- Global
Best Practices – We integrate global best practices into
your accounting processes, ensuring adherence to US GAAP and
industry-specific standards.
- Tailored
Solutions – We offer customized solutions to address
your specific accounting challenges and reporting needs under US GAAP.
At Dang & Associates, we understand the importance of US
GAAP compliance for businesses with international operations or US investors.
Let us help you navigate the complexities of US GAAP and ensure your financial
statements are prepared with the highest level of accuracy and transparency.