Mineral Extraction (Global)
Adoption of new FASB standards and policies.
Project Background
The Issue
Given the industry that the client operates in, it is characterized by a significant portfolio of leased assets. The client sought to ensure that they adopt the new ASC 842 standard in the most professional level, while leveraging new technologies for maintaining and adjusting their lease asset portfolio moving forward.
Our Solution
With data going back over 50 years, we needed to accurately model each transaction and period to ensure that the proper accounting procedures have been executed. Through utilizing the most recent software that manage and account for lease portfolios we ended up with a comprehensive model that the client can access at any time.
The Result
Drawing on the results of our approach, we were able to hand of the necessary recommendations and accounting entries to adopt to the new standard. In addition, through consultations with auditors, we created a detailed map of the required disclosures that the client must produce in their periodic financial statements as well as their FYE. The final deliverable also included a detailed step-by-step guide on how the client can manage and alter their lease portfolio going forward.
The client specializes in delivering specific high-grade processed minerals to its clients worldwide. Being in the industry for over 50 years, they are able to leverage their expertise and personal care when dealing with their customers. Our focus was to treat the client with the same values.
Related Work
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