Accounting

Following acquisition, do I need to convert cash basis accounting to GAAP basis pre-acquisition?

2026-09-0312views

A company using cash-basis accounting is acquired by private equity and now needs to audit the opening balance after the acquisition. Core question: Should the pre-acquisition cash-basis accounting first be converted to GAAP basis, then adjust assets and recognize goodwill? Based on available information, this article outlines key considerations.

The company that I work for was just acquired by a private equity firm. The company has a cash basis accounting. We now need to audit our opening balances (post-acquisition).

Do I need to first convert cash basis accounting to GAAP basis pre-acquisition, and then adjust assets and add goodwill?

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