Accounting Advisory Services
Credit unions often face complex accounting challenges during transactions such as mergers, acquisitions, and restructuring, that require careful planning and expert guidance.
Our advisory team specialized in navigating these intricate scenarios, ensuring that credit unions maintain compliance with accounting requirements when complexities arise – with support to guide you through each step of the transaction process.
What’s your challenge?
New accounting standards
Credit unions often struggle with timely and accurate implementation of new accounting standards, which can lead to compliance issues and financial inaccuracies.
Complex transactions
Managing complex transactions that arise due to mergers, acquisitions, or financial contracts requires specialized knowledge that many credit unions lack internally.
Resource gaps
Critical periods, such as system transitions or pending mergers, may require additional staffing to ensure all accounting needs are met due to heavier than normal requirements.
Revenue recognition
Accurately recognizing revenue from various non-traditional sources, including loyalty programs and financial contracts, can be challenging and can be prone to errors.
How can we help?
Guidance on new standards
Our team provides guidance and support to ensure the accurate and timely implementation of new accounting standards, helping credit unions stay compliant and avoid financial discrepancies.
Specialized transaction accounting
We offer specialized accounting services for complex transactions including mergers, amalgamations, and revenue contracts, ensuring that all financial aspects are handled with precisions and expertise.
Loan accounting staffing support
Our loan staffing solutions provide credit unions with the necessary personnel to manage accounting efficiently, even during peak periods or when dealing with complex transactions or system transitions.
Frequently asked questions
Complex transactions require specialized knowledge. Working with transaction accounting experts can help ensure all financial aspects are managed accurately and efficiently, including the tax implications.
New accounting standards can vary, but they often include updates to financial reporting and disclosure requirements. Consulting with an expert can help ensure you implement these standards correctly.
When engaging in cross-border transactions, credit unions must consider several key factors to ensure success and compliance. These include adhering to both domestic and international regulations, managing currency exchange risks, and understanding the tax implications in all jurisdictions involved. Additionally, it’s crucial to account for transaction costs, ensure technology systems can handle international transactions, and maintain accurate documentation.
Loyalty programs need careful accounting to ensure revenue is recognized correctly and complies with standards. Setting up proper accounting processes is key.
Consider data compatibility, system integration, and staff training. Ensuring a smooth transition requires careful planning and coordination and documentation of testing done on transition needs to be maintained for audit purposes post-transition.
During peak periods, such as year-end or significant transactions, resource gaps can be managed by bringing in temporary professional accountants. This ensures all accounting tasks are handled efficiently.
Contact our team
Annette Bester , CPA, CA, CIA, ICD.D
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