Jesus Socorro is the Managing Principal of MBAF’s Risk & Transaction Advisory practice. He and his team serve clients in a variety of advisory capacities around the world, including: SOX 404 compliance; preparation for IPOs or other liquidity events; technical accounting consultations (including new revenue and lease standard implementation); IT Risk; and M&A transaction advisory and due diligence, including issuing reports regarding the quality of earnings.
With a broad, global, audit and advisory background, Jesus has extensive cross-functional leadership experience managing small and large teams on the audits, advisory projects and capital markets transactions of publicly-traded and privately-held companies in various industries ranging from start-ups through Fortune 500. He has substantial SEC experience, including domestic and international public offerings, M&A and US GAAP and IFRS audits of financial statements and internal controls under PCAOB auditing standards. He also has experience working with PE-backed companies through governance matters, financial reporting, carve-out financial statements, internal control development and enhancement, business process improvement and transaction structuring in contemplation of liquidity events.
Having served clients across a broad spectrum of industries, Jesus has had a particular focus within real estate, healthcare, pharmaceuticals and professional sports teams. His technical proficiency encompasses financial and real estate asset valuation, leasing, business combinations, revenue recognition, equity-based compensation, consolidations and derivative financial instruments.
Jesus has worked effectively with boards, audit committees, internal audit departments, management teams, attorneys and bankers on a wide array of engagements that require efficient execution with a resultant high-quality work product.
His ability to adapt and risk-adjust on a client-by-client basis has allowed him to serve a diverse base of clients and financial statement users.
Prior to joining MBAF, Jesus worked for EY where he spent much of his time serving publicly-traded companies. He also had a stint in industry with a publicly-traded real estate finance company as its technical accounting manager.
- Florida Board of Accountancy, 2016-Current
- National Association of State Boards of Accountancy, Ethics Committee, 2017
- Veru Inc., Board of Directors 2016-Current (Audit Committee Chair, 2017)
- National Association of Corporate Directors, 2017
- Miami Finance Forum, 2016-Current
- American Institute of Certified Public Accountants, 1999-Current
- Florida Institute of Certified Public Accountants – Downtown Miami Chapter – Past President, 2006- 2007
- Healthcare Financial Management Association, 2010- Current (2014-2015 Miami Education Committee Co- Chair)
- National Association of Real Estate Investment Trusts, 2006-2016
- Association of Latino Professionals in Finance and Accounting – Past (Founding) Board Member of the Miami Chapter, 2002
- Cuban-American CPA Association – Past President, 2002-2003; Member, 2000-Current
- Palmer Trinity School Board of Trustees, 2016-Current
- University of Miami Citizens Board, 2016-Current
- National Association of Independent Schools, 2016-Current
- Florida International University Alumni Association, 2014-Current
- Hispanic Unity of Florida – Board Member, 2015, 2003- 2004
- Kellogg Leadership Circle, 2014-Current
- Miami Children’s Health System – Finance Committee, 2015-Current
- Northwestern University Leadership Circle, 2014-Current
- United Way of Miami-Dade – 2000-Current (Tocqueville Society Cabinet Member, 2014)
- The Beacon Council, 2002-2003
- Harvard Business School – Certificate, Audit Committee Governance Program, 2017
- Harvard University – Certificate, Management and Leadership Program, 2014
- Northwestern University, J.L. Kellogg School of Management – Master of Business Administration, 2007
- Hong Kong University of Science and Technology – Graduate Business Study, 2007
- Florida International University – Bachelor of Accounting, 1999
FASB Proposes Improvements to the Accounting for Implementation Costs of Cloud Computing Arrangements
The FASB issued a proposed Accounting Standards Update (ASU) which clarifies the accounting for implementation costs related to a cloud computing arrangement (also known as a hosting arrangement) that is a service contract. If adopted as proposed, th ...Explore
The FASB has issued Accounting Standards Update (ASU) No. 2018-03, Technical Corrections and Improvements to Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, that clarifies ...Explore
On Tuesday, February 20, 2018, the SEC voted unanimously, approving a statement and interpretive guidance to assist public companies in preparing disclosures about cybersecurity risks and incidents. Jay Clayton, SEC Chairman said: “In todayR ...Explore
The FASB issued a proposed Accounting Standards Update (ASU) which would expand the list of U.S. benchmark interest rates permitted in the application of hedge accounting. Comments are due March 30, 2018. FASB Accounting Standards Codification Topic ...Explore
Jesus Socorro, CPA, Managing Principal of the Risk Advisory practice at nationally recognized public accounting firm MBAF, has been appointed to the Florida Board of Accountancy. The appointment was made by Governor Rick Scott, and, once confirmed by ...Explore