Report $700MM in Lease Liability in 11 Days
A large international utility company, acting to accelerate the transition to a carbon-neutral world for a positive impact on people and planet.
Two days before Christmas, our client called urgently. They needed technical accounting skills to meet a Christmas financial reporting deadline by January 3rd for their results announcement on January 6th.
By quickly establishing a framework to analyze the client data and information, we were able to deliver the reporting required and remediate the issue quickly and ahead of schedule with $700M in liability reported in 11 days.
Read on for more information on how we successfully delivered a positive outcome for our client.
Our client—a large international utility company, acting to accelerate the transition to a carbon-neutral world for a positive impact on people and planet – made an urgent call to us two days before Christmas. They were facing a fast-approaching financial reporting deadline over the Christmas holidays that required unique technical accounting expertise. This had become a challenge for senior management and time was of the essence. They had $700M worth of lease liability that needed to be accurately reported by January 3rd, in time for their earnings release on Jan 6th.
Focused on Sirius Solutions’ value-based consulting approach and over two decades of expertise in technical accounting for large corporations, the client elected Sirius Solutions to deliver their reporting and beat the clock.
Our Sirius Solutions’ Financial Operations Practice assembled a team of experts that was up and running within an hour. Our experts understood the unique implications of newly constructed assets on wind farms and their attributes. Plus, they knew the business and understood the stage of construction of the assets and the point in time in which the debt becomes triggered onto the balance sheet. Our innovative proprietary approach, combined with our specialized industry expertise, enabled us to develop a process in which we achieved swift and precise actionable data.
By quickly establishing a framework to analyze the client data and information, we were able to deliver the reporting required and remediate the issue quickly and ahead of schedule.
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