Accounting Advisory - Pierag Pierag

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Real Problems, Real Thinking

Targeted Improvements to the Accounting for Internal – Use Software

The FASB has recently released ASU 2025-06, and it marks one of the most significant shifts in how companies account for internal-use software. With agile and iterative development now the norm, the older, sequential model of capitalization no longer reflected technological reality. ASU 2025-06 modernizes the standard by: 🔹 Removing stage-based capitalization rules 🔹 Introducing clarity on probable-to-complete threshold 🔹 Requiring evaluation of Significant Development Uncertainty (SDU) 🔹 Aligning disclosures with PP&E guidance for greater consistency At Pierag Consulting , we continue to help finance and technology leaders navigate the evolving regulatory landscape, integrating accounting clarity with digital transformation realities. Download the full technical note for a deeper dive into scope, recognition criteria, disclosure requirements, and transition pathways.

Standard Setters’ Updates

Welcome to our Standard Setters' Updates of FASB & SEC. In this publication, we present a concise overview of the latest developments in financial reporting and highlight key considerations as we move through 2025. The Accounting Updates summarize FASB's new guidance issued in the first half of the current year and highlight the accounting standards that are effective in 2025. The FASB Current Projects section provides an overview and status of the items that FASB is actively working on. The Regulatory Updates section brings you noteworthy updates from the SEC. The Sustainability Reporting Developments section outlines the changes to ISSB’s Disclosure and European Union’s Reporting requirements. The Financial Accounting Standards Board (FASB), in November 2024, issued ASU 2024-03 which requires public business entities to disaggregate expenses in the income statement into specific categories and reconcile those to the totals reported in the financial statements. Subsequently, the Board realized a clarification was needed to avoid confusion regarding when the standard applies, particularly in interim periods. Therefore, the Board issued ASU 2025-01 clarifying the effective date to be the first annual reporting period beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. In 2022, the Securities and Exchange Commission (SEC) published interpretive guidance as Staff Accounting Bulletin (SAB) No. 121 on Topic 5.FF, Accounting for Obligations to Safeguard Crypto-Assets an Entity Holds for its Platform Users. SAB No. 121 required entities safeguarding crypto-assets to record a liability and a corresponding asset at fair value. However, this guidance created practical challenges and accounting complexities. To address these concerns, the SEC later issued SAB No. 122, rescinding the interpretive guidance published as SAB No. 121. The amendment removes the obligation to recognize a safeguarding liability and corresponding asset, instead directing entities to apply traditional loss contingency guidance under ASC 450-20: Loss Contingencies when accounting for obligations to safeguard crypto-assets. Therefore, the Board issued ASU 2025-02 to inform about SAB No. 122 rescinding the interpretive guidance in SAB No. 121. Entities should apply the rescission of Topic 5.FF on a fully retrospective basis in annual periods beginning after December 15, 2024.

8-9 Min Read

Understanding DISE Disaggregation of Income Statement Expenses

The importance of transparent financial reporting cannot be overstated in today's complex business environment. Investors, lenders, and other capital providers rely heavily on financial statements to evaluate an entity's performance, assess its prospects for future cash flows, and benchmark it against peers. A critical component of this evaluation is understanding the composition of expenses, as they often reveal key insights into cost structures, operational efficiencies, and long-term sustainability. Historically, U.S. GAAP has not required consistent disaggregation of income statement expenses, leading to diversity in reporting practices. This lack of standardization has posed challenges for users in comparing financial results across entities and industries. Recognizing this gap, the Financial Accounting Standards Board (FASB) introduced the proposed Accounting Standards Update (ASU) Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses in July 2023. After gathering extensive feedback through public comments and roundtable discussions, the FASB finalized the amendments in November 2024. These changes aim to enhance the decision-usefulness of financial reporting by requiring disaggregated expense disclosures within the footnotes of financial statements. In January 2025, FASB issued Accounting Standard Updates No. 2025-01, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. The updates apply to all public business entities and shall be effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.

5 min Read

Compliance Calendar

This compliance calendar serves as a vital tool for businesses and individuals in India to ensure they meet necessary legal and statutory filling requirements for Income tax, GST, FEMA, MCA, SEZ & STPI throughout the year.

5-6 Min Read

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Driving Impact

Our Accounting Advisory
Leadership Team

Manik Bansal

Director
Accounting & Transaction Advisory Leader

Shubham Bindal

Director
Innovation Hub Leader

Amit Makwana

Director
Accounting Advisory

Subham Kabra

Associate Director - Accounting Advisory

Manik Bansal

Director
Accounting & Transaction Advisory Leader

“What I enjoy most is helping clients make sense of complexity and building confidence in their decision-making,” For Manik Bansal, accounting advisory has always been about more than numbers—it’s about solving unique business problems, navigating change, and guiding clients through moments that truly matter. Over the course of 15+ years with Deloitte, EY, and now Pierag Consulting, he has worked with US SEC registrants and global issuers on everything from new standards implementation to complex transaction accounting and financial reporting compliance. At Pierag, Manik leads the Accounting Advisory practice, where he manages a portfolio of large-scale projects spanning revenue recognition, lease accounting, share-based payments, and business combinations under both US GAAP and IFRS. He is particularly proud of mentoring his team and instilling a culture of quality, collaboration, and continuous learning. “It’s not just about getting the accounting right—it’s about developing people who can carry that knowledge forward,” he notes. Earlier in his career at EY, Manik played a key role in setting up a subject matter expert team for non-recurring transaction accounting and worked closely with the firm’s National Professional Practice Group in New York on revenue, leases, and credit impairment. At Deloitte, he was part of the Global Centre of Excellence on IFRS reporting, gaining deep exposure to audits of foreign private issuers and PCAOB inspections. Along the way, he earned recognition for excellence in service delivery, including EY’s “Pinnacle” award, as well as “Extra-Miler” and “Best Trainer” honors. Beyond his professional achievements, colleagues know Manik as approachable and collaborative, someone who takes genuine pride in building high-performing teams. Outside of work, he values time with family and friends and enjoys exploring new perspectives that keep him grounded and energized. Expertise - Technical Accounting, SEC Reporting, Project Governance, Building High Performing Teams Industries- Technology, Healthcare, Manufacturing, Oil & Gas, Private Equity and Venture Capital Linked in profile link - Manik Bansal | LinkedIn Education – Chartered accountant, ACCA Diploma in IFRS

Shubham Bindal

Director
Innovation Hub Leader

“What excites me most is combining traditional accounting expertise with technology to solve problems in new ways,” For Shubham Bindal, accounting advisory is about bridging deep technical rigor with forward-looking innovation. Over the course of 11+ years with Deloitte, EY, and now Pierag Consulting, he has advised U.S. SEC filers and private companies on audit readiness, financial reporting, technical accounting, and automation. At Pierag, Shubham serves as a Director in the Accounting Advisory practice, where he supports clients on complex accounting and reporting challenges while also expanding the practice’s service portfolio. He has successfully led multiple audit readiness engagements, helping companies navigate complex audit roadblocks, and continues to provide hands-on guidance across Business combination, revenue recognition, leases, share-based payments, and debt/equity classification. Earlier in his career at EY, Shubham was a subject matter expert on technical accounting topics and played a pivotal role in scaling specialized SME teams. He was also deeply involved in developing technical training materials and delivering workshops that strengthened firmwide capability. His contributions extended to automation initiatives, where he contributed to various tools. At Deloitte, he gained extensive PCAOB audit experience and was a member of the Global Centre of Excellence (GCoE) for IFRS reporting. His work there spanned consolidation, service concession arrangements, and IFRS conversion projects, with industry exposure ranging from oil & gas and power generation and distribution, technology, pharmaceuticals, and media. Throughout his career, Shubham has been recognized for excellence in both client service and innovation, earning accolades such as the prestigious “Emerging Intrapreneur Award,” “Exceptional Client Service,” “Best Trainer,” and “Move the Dot” award. He is also an active contributor to national-level accounting and audit boards, shaping professional practice guidance. Beyond the technical and professional sphere, Shubham is known for his curiosity and drive to explore how AI and automation can transform finance functions. Colleagues describe him as collaborative and approachable, someone who not only solves complex problems but also inspires teams to think differently. Outside of work, he finds energy in exploring new ideas, mentoring young professionals, and spending quality time with family and friends Expertise – Technical Accounting, Financial Reporting, Audit Readiness and Process Automation, Artificial Intelligence. Industries – Oil & Gas, Pharmaceutical, Power, Media, Not-for-profit. Linkedin profile link - Shubham Bindal | LinkedIn

Amit Makwana

Director
Accounting Advisory

“What I enjoy most is strengthening finance functions so they can deliver both accuracy and business insight,” For Amit Makwana, strong finance leadership is about more than closing the books—it’s about building resilient controllership functions and shaping forward-looking insights through FP&A. With over 15 years of experience across EY, PwC, CFGI, and Siegfried Group—most of it in the United States—he has supported US SEC filers and private companies with controllership, operational finance, and performance management. At Pierag Consulting, Amit is a Director in the Accounting Advisory practice. He currently leads multiple controllership and risk optimization projects, helps streamline close and reporting cycles, and manages teams driving improvements in forecasting, budgeting, and financial planning. His work often blends compliance with forward-looking analysis—helping finance leaders not just report the past, but anticipate the future. Before joining Pierag, Amit was a Senior Manager in CFGI’s Accounting & Advisory practice, where he served as revenue leader for a large SaaS public company. In that role, he managed period close tasks, quarterly and annual revenue disclosures, and provided technical expertise on revenue recognition. At Siegfried Group, he led teams assisting public and private companies with operational, reporting, and accounting needs—most notably guiding a private company through its first-year audit in just three months while drafting its inaugural accounting policies, financial statements, and footnotes. Earlier at EY, Amit served as account executive on audits of Fortune 500 companies, where he oversaw complex reporting areas and gained deep experience in governance, compliance, and large-scale transaction reviews. His industry exposure includes telecommunications, media and entertainment, pharmaceuticals, manufacturing, biotechnology, and technology/SaaS. With expertise spanning controllership, FP&A, and financial reporting, Amit brings a balanced perspective to finance functions. Colleagues know him for his ability to optimize reporting processes, strengthen planning disciplines, and mentor teams to deliver with both precision and agility. Outside of work, Amit values connecting with people, exploring new ideas, and spending time with family and friends. Expertise - Technical and Operational Accounting, Financial Reporting, Financial Planning and Analysis. Industries- Telecommunications, Media & Entertainment, Pharmaceutical, Technology / SaaS. Linked in profile link - Amit Makwana | LinkedIn Education – M.B.A Finance & Accounting (USA) M.S. Accounting (USA) CPA, Massachusetts State

Subham Kabra

Associate Director - Accounting Advisory

Subham Kabra, believes in the saying, “An investment in knowledge pays the best interest.” With over 10 years of experience in accounting, auditing, and financial reporting, Subham specializes in advising clients on complex technical accounting areas, including business combinations, debt structuring and accounting, revenue recognition, leases, and share-based payments, for both U.S. SEC filers and Indian companies. He brings extensive experience from EY and KPMG, having audited clients across manufacturing and services sectors, managed large SEC registrants, contributed to PCAOB inspection processes, and played a key role in establishing robust quality management frameworks for audit and assurance.

Subham is passionate about applying his technical expertise to solve challenging accounting problems while mentoring and guiding teams to deliver high-quality outcomes. He thrives in environments that combine analytical rigor with strategic thinking and enjoys being part of initiatives that shape firm-wide policies and drive operational excellence. His approach emphasizes collaboration, continuous learning, and fostering a culture of accountability and innovation. Driven by a commitment to excellence and a collaborative mindset, Subham actively fosters a culture of innovation within his team. He is deeply focused on driving impactful solutions that not only meet client needs but also anticipate future challenges in an ever-evolving financial landscape.

Outside of work, Subham enjoys traveling and exploring new places, spending time with friends and family, and reading. He believes that professional growth and personal development go hand in hand, and he is committed to leading with integrity, curiosity, and a focus on creating meaningful impact for clients and colleagues alike.

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