A Japanese Company Relies on U.S. Finance Experts to Help Them Successfully List Their Shares in the U.S.

At A Glance

Company Type: Small, Private

Industry: Holistic Health Services, Healthtech

Solution Area: Strategic Projects, IPO

About The Client

Based in Japan, this leading holistic health services provider franchises and operates health care salons, developed its own cloud-based customer relationship management software and administers digital preventative health care.

Challenge

A Japanese company was about to list shares on a U.S. stock exchange.  

Without in-house expertise to get it done, however, the company needed to get up to speed on the many steps involved.  

They needed assistance in understanding the process and what information is needed, and then transitioning their financial statements to U.S. GAAP, drafting Form F-1 and responding to comments from the U.S. Securities and Exchange Commission.

Solution

ZRG assembled a team of consultants to assist with the IPO process:

• Meticulously convert financial statements from Japanese GAAP to U.S. GAAP
• Manage adoption of U.S. accounting standards (including revenue recognition, business combinations, impairment of long-lived assets and leases)
• Review underlying accounting transactions, ensure accurate accounting treatment and prepare supporting technical accounting memos
• Draft financial statements for inclusion with the SEC registration statement
• Keep the process streamlined by being collaborative, responsive and communicative with the many parties involved—the client, attorneys, auditors and investment bankers—even as priorities changed, and information requests multiplied due to the dynamic nature of the project

Results

• Timely, efficient completion of the audit process as U.S.-based experts answered auditor requests
• Audit-ready financial statements with supporting documentation
• Streamlined response process to SEC comments
• Support for Japanese accounting team while they caught up on SEC regulatory requirements

"ZRG was instrumental to our success —they worked seamlessly with our attorneys and auditors, and were very flexible in their approach, quickly responding to our evolving needs. We drew on their strong technical capabilities for ongoing guidance and support with this project.”

- CFO

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