MorganFranklin Consulting Launches Technical Accounting Resource Center
MorganFranklin TARC deploys subject matter experts quickly to meet time-sensitive technical accounting needs of clients and key stakeholders undergoing complex financial transactions.
McLean, Virginia – November 16, 2015
MorganFranklin Consulting, a D.C.-based strategy and execution-focused business consulting firm and professional advisor, announced the launch of its Technical Accounting Resource Center (TARC), which delivers technical accounting assistance to clients whose in-house capabilities are limited. Led by Executive Director Dee Mirando-Gould, the TARC team brings specific subject matter expertise to address time-sensitive technical accounting and financial reporting issues of clients and key stakeholders undergoing business transactions with complex accounting and reporting ramifications.
"Although we just recently launched the TARC, MorganFranklin has delivered technical accounting support services since the firm's inception," said Mirando-Gould. "We realized that the complexity of our clients' transactions requires specialized skills across the spectrum of accounting topics to align the right expertise to address issues. The TARC facilitates this alignment and deploys experts as quickly as possible."
The TARC team comprises former Big Four accountants and subject matter experts who possess extensive experience researching and documenting complex technical accounting and reporting issues across various industries. Among their capabilities, the TARC professionals apply U.S. Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Commission (SEC) rules and regulations, and International Financial Reporting Standards (IFRS). The TARC team helps clients navigate new accounting rule implementation and adoption and resolve technical accounting issues with auditors, the SEC, and other relevant parties.
Armed with an array of technical accounting capabilities, the TARC is poised to assist clients with the following:
- Rapid Accounting Deployment: During complex, high-stakes financial filings, the TARC serves as a trusted partner that can deliver technical accounting expertise and deploy experts quickly.
- Technical Accounting Memoranda Preparation and Review: With SEC filing deadlines always looming, the TARC assists clients with preparing and reviewing technical accounting memoranda to support conclusions and helps analyze complex technical accounting issues and Regulation S-X reporting requirements.
- Accounting Pronouncement Training: The TARC provides periodic briefings on business accounting pronouncements and conducts on-site continuing professional education (CPE) training sessions on current and complex U.S. GAAP issues.
"The value of the TARC lies in the fact that MorganFranklin is not encumbered by regulatory restrictions or independence rules that impact external auditors," said Chris Mann, Managing Director and Accounting & Transaction Services Leader. "Because of this independence, the TARC can act as an extension of a client's internal accounting team, and our experts and teams face no limitations on the services we can provide our clients."
The TARC recently worked with a company that serves as an intermediary between an advertising agency and advertisers, a position that calls into question whether the company acts as "principal" or "agent" for its sale transactions. The TARC evaluated the indicators for presentation of revenue gross or net, compared those to the company's circumstances, and discussed the conclusions with the auditors to gain buy-in on the company's positions. The MorganFranklin TARC team also provided professional judgment to the company's management and worked with the finance team to solidify the accounting policy.
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About MorganFranklin Consulting
MorganFranklin is a strategy and execution-focused business consulting firm and professional advisor. The company provides strategic thinking and hands-on support to help public companies, fast-growing private companies, and government clients manage growth and maximize performance. The firm delivers strategy, accounting and transaction services, risk and compliance, and information management and technology solutions. MorganFranklin is headquartered in the Washington, D.C., area and has supported clients in North and South America, Europe, Asia, and the Middle East.
MorganFranklin Consulting is the brand name referring to the global organization of MorganFranklin, Inc. and its subsidiary MorganFranklin Consulting, LLC.