Case Studies

International Clinical Research Company | Carve-Out Integration, GAAP Conversion & Technical Accounting

International Clinical Research Company | Carve-Out Integration, GAAP Conversion & Technical Accounting

Situation

Following its acquisition through a complex carve-out transaction, an international clinical research company needed to establish a standalone finance and reporting environment across U.S. and international operations.

The company maintained financial records across multiple entities and currencies, with long-term customer contracts creating complexity around revenue recognition, unbilled revenue, contract assets, and project-level accounting.

MMG was engaged to help transition the organization to U.S. GAAP, stabilize post-acquisition accounting operations, complete purchase accounting, and prepare the company for its first post-acquisition financial statement audit.

Solutions
1

Purchase Accounting & GAAP Conversion

MMG supported purchase accounting and opening balance sheet development, including purchase price allocation, working capital and balance sheet validation, and resolution of acquisition-related accounting matters.
The team also transitioned financial reporting to U.S. GAAP and established more supportable accounting policies and procedures.
2

Revenue Recognition & Technical Accounting

MMG addressed complex ASC 606 revenue recognition across long-term, project-based customer arrangements involving changes in scope, milestone activity, unbilled revenue, and contract assets.
The team strengthened the connection between customer contracts, project activity, billing, revenue recognition, and the general ledger while also addressing foreign currency, consolidation, intercompany activity, and other technical accounting requirements.
3

International Accounting & Consolidation

MMG supported accounting and reporting across U.S. and international entities, including multi-currency reporting, foreign currency translation, intercompany accounting, consolidation, and balance sheet reconciliations.
The team also helped establish more consistent application of U.S. GAAP accounting policies across the organization.
4

Finance Stabilization & Audit Support

Alongside the technical accounting work, MMG provided CFO Advisory, Controller, and accounting resources to stabilize the finance function following the carve-out.
MMG strengthened the monthly close, balance sheet reconciliations, management reporting, accounting policies, and audit support while coordinating among management, international accounting teams, external auditors, and private equity ownership.
Results

MMG helped establish a stable, GAAP-compliant standalone finance organization following a complex international carve-out.

The company successfully completed a clean financial statement audit, supported by stronger accounting policies, documented technical accounting positions, improved balance sheet support, and more reliable financial reporting across its U.S. and international operations.

Clean Audit

Successfully supported the first post-acquisition financial statement audit

U.S. GAAP

Converted financial reporting and accounting practices to U.S. GAAP

ASC 606

Addressed complex revenue recognition across long-term customer contracts

Acquisition On-boarding and Exit SupportConsulting ServicesFractional AccountingInterim CFO / Controller / FP&ABio-Tech / Startups
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