Accounting for financial services

Maintaining, validating, and reporting under current expected credit loss (CECL) can be challenging, but Wipfli is ready to support you at each step. Our professionals can help validate the effectiveness of your CECL solutions, with specialized support for accounting and financial reporting, credit underwriting and analysis, process and systems management and information technology.

We also offer an ACL validation solution that can help you:

• Determine whether your ACL methodology complies with applicable regulatory requirements and accounting standards.
• Determine whether formulas within the ACL calculation are accurate.
• Evaluate the adequacy of internal controls related to your ACL calculation.
• Assess the reporting process and help ensure your board of directors receives presentations of the ACL calculation in a timely manner.
• Review your ACL policy for consistency with the current ACL methodology utilized.
• Test the accuracy of charge-off ratios used in the calculation and determine how timely management analyzes environmental factors.
• Reconcile specific impairment reserves to detailed management analysis to determine whether specific impairment reserves are reasonably supported.
• Evaluate the process for ongoing monitoring of the model, including process verification and benchmarking.
• Analyze outcomes analysis, including back-testing.
• Comply with the regulatory guidance on model risk management.

Wipfli can help you gain clarity and consistency in communicating your financial information. Our team offers guidance to give you confidence in meeting accounting requirements and GAAP compliance, with services that include:

• Business combinations, consolidations and restructurings
• Equity and debt financing arrangements
• ASC 842, leases
• ASC 606, revenue recognition
• Derivatives and hedging arrangements
• Capitalized software costs
• Stock-based compensation, including stock options and profit interests

Wipfli’s financial planning and analysis services can help you turn your financial information into action. Our team guides you in taking your financial reports beyond the numbers so that you can better prepare for what comes next.

We support your long-term planning and evaluating strategic decisions, helping position your organization to achieve the outcomes you want.

Wipfli applies our deep experience with leading business software to keep your financial statements aligned with your financial reporting framework. We can navigate your complex systems to help you convert financial information into crucial business insights.

If you’re preparing for a SOC audit, first-time financial statement or IPO, Wipfli is ready to help ease your financial compliance burden. We can help you meet the necessary accounting and assurance requirements with our support for technical accounting and internal control assessments, including:

• Technology infrastructure
• Tax planning
• SOX compliance
• Financial statement preparation