Modification accounting and reporting

Get help with modification accounting and reporting for today’s business challenges

In times of economic uncertainty, modification accounting and reporting becomes a challenge. The number of modifications to report generally increases, as does the complexity of each, with the potential for errors and oversight becoming more commonplace.

Different types of modifications are accounted for in different ways. You need a clear understanding of the modification terms and accounting guidance to map out the right approach and generate documentation and disclosures that are audit ready.

Accurately reporting contract modifications can be difficult and complex

Before reporting the effects of a contract modification, you must first determine the correct accounting model to apply to your circumstances. Consult with our experienced accounting professionals who can help you avoid mistakes.

We bring an in-depth understanding of the accounting for modifications to debt, leases, revenue contracts, supplier contracts, and employee compensation and terminations.

Before engaging with a lender, landlord, supplier, employee, or customer, you also should understand the reporting and disclosure implications of modifications for your business.

Set up repeatable processes

Modification accounting and reporting requires tremendous attention to detail. Incorrect application of U.S. GAAP could lead to material errors in financial statements.

Establishing strong financial reporting processes and controls to minimize the risk of errors and noncompliance also is critical.

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Keep up on the latest in accounting and financial reporting with insights from our specialists.

Modification guidance tailored to your needs

Our financial reporting specialists can provide detailed accounting guidance and support to help you appropriately capture modifications in your financial reporting.

Financial reporting review

We can review your contracts to determine the appropriate accounting treatment for your modifications.

Process improvement

Let us help you develop or refine your accounting policies, processes, and related internal controls.

Disclosure advice and preparation

Receive timely assistance in preparing the required disclosures for your financial statements.

Look to our experienced team for reporting assistance with any type of modification:

Lease concessions
Supplier contracts
Debt modifications
Revenue contract modifications
Employee compensation and terminations

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Work with us

Crowe accounting advisory professionals have deep expertise in all types of modifications. We can integrate with your team to provide guidance and support all your modification accounting and reporting needs.

Sean C. Prince

Partner, National Office

phone phone +1 646 231 7285 cancel mail

Chris L. Moore

Partner, Accounting Advisory

phone phone +1 502 420 4429 cancel mail

Kristin Orrell

Managing Director, Accounting Advisory

phone phone +1 646 231 7237 cancel mail

Contact us to learn more about Crowe financial reporting services

Our team has extensive experience in financial reporting and technical accounting. Complete the form below and one of our financial reporting specialists will contact you to learn more about your business needs. We look forward to working with you.

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