Transaction Advisory

In today’s dynamic business landscape, transactions are no longer just about execution—they demand foresight, precision, and seamless integration. At Pierag, we support clients through complex financial events such as strategic deals, IPO readiness, and portfolio transformations with a focus on clarity and control.

Our team delivers comprehensive transaction advisory and financial due diligence with seamless integration and ongoing performance management, helping organizations maintain control and transparency across evolving portfolios.

By aligning financial insights with business objectives, we enable informed decision-making at every stage of the deal cycle. Our focus on rigor, speed, and stakeholder communication ensures that clients not only execute transactions successfully but also unlock long-term value post-transaction.

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Our Insights

Real Problems, Real Thinking

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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Built for Your challenges

Driven by Purpose,
Defined by Results

Manik Bansal

Leader - Accounting & Transaction Advisory

Shubham Bindal

Director - Accounting Advisory

Manik Bansal

Leader - Accounting & Transaction Advisory

“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 - Accounting Advisory

“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

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