Meticulon can assist your company in cleaning up stale suspense account balances,
ensure that your GL cash is tied to your bank statements to the penny, ensure your
project costing CIP balances, and asset management fixed cost balances all tie to your
aggregate GL PP&E by period. We also specialize in cleaning up any pesky
intercompany balances by clearing appropriately through your affiliates. All of these
services can be provided for a reasonable price.
Meticulon can assist your company in administering the following FASB statements as
we have experience applying these FASB's in real-world situations at some of
Houston's largest publicly traded companies.
 | No. 144/121 (Accounting for the Impairment of Disposal of Long-Lived Assets) | |
| No. 143 (Accounting for Asset Retirement Obligations) | |
| No. 142 (Goodwill and Other Intangible Assets) | |
| No. 131 (Disclosures about Segments of an Enterprise & Related Information) | |
| No. 42 (Determining Materiality for Capitalization of Interest Cost - No. 34) | |
| No. 19 (Financial Accounting & Reporting by Oil & Gas Producing Companies) | |
| No. 13 (Accounting for Leases) | |
Meticulon can assist your company in administering section 404 of Sarbanes Oxley.
This section requires each annual report of an issuer to contain an "internal control
report" that states the responsibility of management for establishing and maintaining
an adequate internal control structure and procedures for financial reporting; and
contains an assessment, as of the end of the issuer's fiscal year, of the effectiveness of
the internal control structure and procedures of the issuer for financial reporting.
If your company can answer "No" to any of the below questions, then Meticulon can
assist your company in it's efforts to achieve SOX section 404 compliance.
| Does your company have automated reports that reconcile your subledgers to | |
| your GL? For example, do your AP, Projects, and Asset Management systems tie back to your GL balances? | ||
| Does your company keep the tax books in the same system that your | |
| financial/GAAP books are kept? | ||
| Does your company have an automated cash flow report that ties the PP&E | |
| portion back to your CAPEX (Capital Expenditure) report? | ||
| Does your company have an automated way of creating fixed assets? For | |
| example, does the coding/account information that is entered on your PO or Invoice seamlessly flow into your GL and Projects tracking system, then to your fixed asset system without human intervention? If not, your company risks under depreciated assets at best, and write-offs at worst, if a project dies on the vine with stale CIP. | ||
| Does your company have automated PP&E Activity Rollforward reports? This | |
| report is usually a starting place to tie your GAAP fixed additions you your tax book additions and document any tax book, GAAP book variances. | ||
| Does your company have forecasting reports that take actuals plus forecasts | |
| (which include commitments), and compare this to your Plan (budget) to see if unfavorable variances exist? | ||
| Does your company have a "commitment control" system that keeps | |
| expenditures within approved project budgets for all transactions (e.g., invoices, encumbrances, and journal entries) and will not allow overages until supplemental funding is approved via workflow? | ||
| Additional questions to determine if your company SOX compliant can be viewed | |
| by clicking this link. |
Meticulon can assist your company in performing purchase accounting for any large
acquisitions that you may do following standards for purchase accounting outlined in
FASB No. 141 (Business Combinations).
Meticulon can assist your company in preparing custom reports that address a number
of concerns. For example, Meticulon can aid your company in analyzing depreciation
expense by comparing 2Q 2003, to 2Q 2004, and "fluxing" the change. The change may
be made up of a combination of additions minus retirements and transfers to arrive at
the new level. Another example would be G&A trend analysis to fully understand where
spending is occurring across the organization and compare this to established
budgets. Meticulon may be able to assist you with your ad hoc reporting needs.
For more information regarding any of our general services please contact us using
this link.
