Stay on top of complex and ever-changing accounting rules
Ensuring compliance with Generally Accepted Accounting Principles (GAAP) can be a daunting process but gaining the clarity and consistency you need in communicating financial information is vitally important for your organization.
Take the worry out of meeting accounting requirements with Wipfli. We assist organizations with a range of consulting services to support your GAAP compliance.
New accounting standards implementation
Accounting Standards Codification (ASC) 842, the new lease accounting standard, is a difficult change for companies long accustomed to accounting for leases in a different way. Wipfli can help you understand the new rules and use the appropriate software to complete the necessary calculations to help you comply with the new standard.
Have ASC 842 been implemented already? Are you ready for ASC 326, related to current expected credit losses (CECL), which will be the next sweeping standard change that requires adoption by all nonpublic companies for annual periods beginning after December 15, 2022?
Accounting for equity and debt financing
Transactions are getting more complex and accounting for them properly is challenging. Let Wipfli help you account for your financial arrangements, including preferred stock, convertible debt and warrants.
Accounting for business combinations
If your company is planning a merger or acquisition, the accounting requirements may be unfamiliar and well beyond the scope of in-house accountants. Wipfli can take a strategic look at the transaction and provide guidance on deal structuring, perks and pitfalls to consider in drafting the related agreements.
Other specialties
Wipfli is ready to help your organization with your accounting and GAAP compliance needs with any level of assistance:
- Revenue recognition
- Stock-based compensation, including stock options and profits interests
- Capitalized software costs
- Income taxes
- Derivatives and hedging arrangements
- Consolidations, minority interests and restructurings
Not sure where to start? Our team of specialized accountants can do a careful assessment of your books and let you know of any concerns or red flags. Rules change regularly and it’s smart to make sure your financial statements reflect current rules and requirements.
Featured Thought Leader
Tracy Heideman, CPA
Tracy Grosskreutz has been a member of Wipfli LLP’s technology and manufacturing/distribution teams since 2006. She specializes in assurance and consulting services, helping companies to meet and exceed their goals and address challenges that arise. As a key member of Wipfli LLP’s revenue recognition initiative and professional standards taskforce, she is adept at the analysis and application of key accounting standards.
Brett D. Schwantes, CPA
Brett Schwantes has over 25 years of experience working closely with financial institutions and is the leader of the Audit and Accounting Committee for the financial institutions practice of Wipfli LLP and a member of Wipfli’s Accounting Standards Advisory Group. He advises clients on various unique and complex issues such as derivatives, fair value measurements of financial instruments, and the new CECL accounting standard. Brett also consults with clients on the impact of new accounting standards and how best to implement them to avoid negative consequences whenever possible.
Joe Paulus, CPA
Joe Paulus is a manager in Wipfli’s audit practice. He manages and executes financial statement audits and reviews for clients in various industries including manufacturing, software, and nonprofit. Joe also oversees numerous employee benefit plan audits. In addition, he is the auditing and accounting lead scheduler in Milwaukee.
Preston Tomlinson, CPA
Preston Tomlinson is a senior manager on Wipfli’s audit and accounting services team. Prior to coming to Wipfli, he gained experience working on audits of both public and private companies at Grant Thornton. Preston’s work at Wipfli focuses on private company audits in the construction and real estate industry, including specialty contractors. He also has experience working with manufacturing, distribution, and transportation companies as well as not-for-profit entities. Preston’s technical knowledge of the audit and accounting standards and financial reporting requirements enables him to provide an efficient and effective audit experience for his clients.
