Syneos Health adopts ASC 842 with help from RSM

How a biopharma solutions provider navigated lease accounting

Oct 17, 2019
"RSM has worked with us so much that they're actually an extension of our accounting team.”
Philip Moussally, Vice President of Global Accounting, Syneos Health

RSM collaborates with Syneos Health on a wide variety of advisory, tax, and accounting services including global compliance, statutory and tax filings, loan staffing, providing assistance with financial reporting, and internal audit resources to help with revenue projects, including revenue recognition, ASC 606. 

When INC Research and inVentiv Health merged to become Syneos Health, their accounting resources were constrained and they were facing the pending deadline for adoption of the lease accounting standard, ASC 842. RSM assisted with their ASC 842 implementation, acting as an extension of their existing team. “We contracted out a lot of our 842 support to RSM to help identify and pick a technology solution to handle the policy administration and controls, what we needed to do going forward, as well as complete all the documentation for our auditors,” said Phil Moussally, Vice President of Global Accounting, Syneos Health.

Key Takeaways

  • Successful adoption of ASC 842 includes beginning your implementation process early
  • Engaging with a trusted advisor can help simplify the adoption process
  • Don’t delay getting started; adoption of this standard is a lengthy process

About Syneos Health

Syneos Health, created through the merger of two industry-leading companies, is the only fully integrated biopharmaceutical solutions organization. A contract research organization and a contract commercial organization, its purpose is to accelerate customer performance to address modern market realities, bringing together approximately 24,000 clinical and commercial minds with the ability to support customers in more than 110 countries.

By providing clinical trial support and running clinical trials for pharmaceutical and biotech companies, Syneos Health provides contract sales-force consulting, advertising and public relations support.