The Company is a $250M commercial business that prints and direct mails envelopes and labels and promotes products to build targeted and integrated multi-touch marketing campaigns.

The Company contacted FDP in advance of an upcoming first-time audit and desire to refinance its existing debt. FDP was engaged to perform advisory services related to transactional accounting and financial statement reporting. Services pertaining to those objectives included reviewing and preparing certain journal entries related to the business and the 13 acquisitions (ASC 805) that occurred over the span of four years.

FDP was involved with the following topics that would affect the purchase price and the consolidated financials:

• Successful and unsuccessful sale-leasebacks (ASC 842)
• Transfers (ASC 810, ASC 323)
  • Intercompany transactions that occurred on both a subsidiary-to-subsidiary and subsidiary-to-parent level
  • Consolidation of the subsidiaries despite operating independently of the parent company after the acquisition
• Numerous working capital adjustments
• Assumption of a pension liability
• Re-estimations and appraisals of assets and liabilities
• Several Bargain Purchase Gains
• Various contingencies
• Relief and issuance of new debt

The client could complete its outside audit with a major national audit firm without issues, based on the workpapers prepared in conjunction with FDP.