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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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.
Financial reporting review
Process improvement
Let us help you develop or refine your accounting policies, processes, and related internal controls.
Process improvement
Disclosure advice and preparation
Receive timely assistance in preparing the required disclosures for your financial statements.
Disclosure advice and preparation

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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FASB Proposals Address Share-Based Payments
FASB Proposals Address Share-Based Payments
The FASB has proposed guidance for accounting for share-based payments – both when paid by and when received from a customer. Get more information.
Agencies propose joint financial data standards
Agencies Propose Joint Financial Data Standards
Financial institution regulators have proposed joint data standards to promote interoperability and transparency across the agencies. Get details.
FASB proposes derivatives scope refinements
FASB proposes derivatives scope refinements
Crowe team members offer details on a FASB proposal to change existing scoping guidance in Topic 815, 'Derivatives and Hedging.'
Accounting treatment for sale and leaseback transactions
Accounting treatment for sale and leaseback transactions
Determining appropriate accounting for sale and leaseback transactions requires careful analysis. Learn what factors entities should assess.
GASB releases financial reporting model updates
GASB releases financial reporting model updates
GASB Statement 103 revises financial statement reporting requirements. Get details and suggested next steps for affected entities to consider.
FASB issues profits interest awards guidance
FASB issues profits interest awards guidance
FASB ASU 2024-01, with illustrative examples, clarifies scoping guidance for profits interest awards. Crowe specialists give details.

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.

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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