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Accounting Standards
GAAP and IFRS compliance advisory, financial reporting standards implementation, and accounting policy development for growing businesses.
Get Your Reporting Right, the First Time
As businesses grow, the accounting standards that govern their financial reporting become more complex and more consequential. Whether you are transitioning from cash-basis to accrual accounting, implementing new revenue recognition standards (ASC 606), or preparing financial statements for external stakeholders who demand GAAP or IFRS compliance, getting it right matters.
SMAART Company helps Florida businesses navigate accounting standards implementation and compliance. Our technical accounting team advises on standard adoption, develops accounting policies, and ensures your financial reporting meets the requirements of auditors, lenders, investors, and regulators.
From new standard implementation to ongoing policy guidance and technical consultation, we ensure your financial reporting is accurate, consistent, and fully compliant with applicable frameworks.
Core Directives
Standards Compliance
Policy Development
Reporting Accuracy
Operational Milestones
01
Assess
Evaluate your current accounting practices and identify gaps against applicable standards.
02
Design
Develop accounting policies, procedures, and reporting templates aligned with GAAP, IFRS, or industry requirements.
03
Implement
Execute the transition to compliant reporting, updating systems, processes, and financial statements.
04
Train
Educate your accounting team on new policies, standards, and reporting procedures.
05
Support
Provide ongoing technical consultation as new standards are issued or your business complexity increases.
Included Services & Outcomes
GAAP compliance assessment and advisory
IFRS implementation and conversion support
Revenue recognition (ASC 606) implementation
Lease accounting (ASC 842) implementation
Accounting policy development and documentation
Technical accounting consultation
Financial statement preparation and review
GAAP. IFRS. Done.
Financial statements only matter if they comply. We apply the right standards, document the decisions, and make sure your books hold up with lenders, investors, and regulators.
FAQ
Questions &
Answers
Get answers to the most common questions about our accounting standards services.
If you are seeking external financing, pursuing an audit, or your revenue exceeds $25 million, GAAP-compliant accrual accounting is typically required. Even below those thresholds, accrual accounting provides a more accurate financial picture for decision-making.
ASC 606 is the GAAP revenue recognition standard that applies to virtually all businesses. It governs when and how revenue is recognized in your financial statements. If your business has contracts, subscriptions, or multi-element arrangements, ASC 606 likely affects your reporting.
Most US-only businesses report under GAAP. IFRS may be relevant if you have international investors, foreign parent companies, or are planning cross-border transactions. SMAART advises on which framework applies to your situation.
Cash-to-accrual conversions and straightforward policy updates typically complete in 4 to 8 weeks. Full ASC 606 or ASC 842 implementations for contract-heavy businesses run 10 to 16 weeks, including policy documentation, system configuration, and team training.
Fixed engagement fees based on scope, conversion, implementation, or ongoing advisory. You receive a written quote after an initial scoping call, and the quote holds through delivery. No hourly billing, no scope-creep surprises.
Get Your Standards Right
SMAART Company's technical accounting team ensures your financial reporting meets every applicable standard. Schedule a consultation today.
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