CASE STUDY: COMMERCIAL HOME SOLUTIONS
"SHAH ADVISORY HAS PROVIDED BOTH FINANCIAL REPORTING AND VALUATION SERVICES THAT HAVE BEEN VITAL IN HELPING US PRESENT OUR FINANCIAL PICTURE TO INVESTORS“
Shah Advisory provided fractional CFO services as we continued to grow our operations. Shak and his team were able to streamline the financial reporting process and get us ready for diligence through our capital-raising efforts. They also helped to sense check our business strategy and be involved in critical business strategy discussions.
–Words from the company’s C.F.O.
Background:
The client underwent a going public transaction in late 2021 to become a listed entity on the Toronto Venture Stock Exchange.
Through this process, Eddy prepared a management information circular and converted their financial statements from Accounting Standards for Private Enterprises ("ASPE") in Canada to International Financial Reporting Standards ("IFRS").
Engagement Overview:
Shah Advisory Assisted With:
GAAP conversion – ASPE to IFRS
Pro-forma stock exchange listing preparation
Audit readiness
Complex accounting advisory (business combinations, revenue recognition, impairment testing)
Approach:
Shah Advisory was able to jump in as a trusted business advisor and apply a GAAP conversion methodology to help Eddy with transitioning from ASPE to IFRS.
Shak was able to apply his experience from his time at PwC to break down complex accounting matters and help management formulate position papers to be able to present management analysis and conclusions to their external auditors.
Shak and Simon were able to assist Eddy with ensuring their IFRS financial statements had all necessary note disclosures by reviewing the relevant IFRS guidance and auditor disclosure checklists.
Shak and Simon were able to provide insights into the valuation of a business combination and impairment testing for goodwill and intangible assets by utilizing Simon’s experience as a Chartered Business Valuator and Shak’s experience in reviewing business combinations, purchase price allocations and impairment testing methodologies in his previous experience.
Shah Advisory continues to provide ongoing support as Eddy has become a public company and requires certain ongoing complex accounting advisory services.