The combination of an ever-changing accounting and regulatory environment and companies engaging in complex transactions requires a thoughtful and pragmatic approach to solving accounting and reporting matters. Riveron understands that advising on the most complex matters must be paired with implementing solutions that fit seamlessly with financial organizations. Our professionals have decades of collective experience developing and implementing proven strategies to address technical accounting and financial reporting issues.
We are not limited by traditional independence rules because we do not provide audit, review, or compilation services. Riveron is an engaged partner, leading companies through identifying, analyzing and concluding on complex accounting and financial reporting matters.
Riveron assisted company in adopting US GAAP on a consolidated basis with recent acquisitions
Over the course of 18 months, Rubicon Oilfield International, a global privately held oilfield services company, acquired five businesses. These global businesses were reporting under IFRS, Canadian GAAP and other local statutory methods. Riveron’s advisory services included the uniform adoption of US GAAP by implementing a documentation tool to identify and quantify each IFRS (or other local GAAP) difference to US GAAP. Riveron fully documented the adoption of US GAAP by the legacy and consolidated companies and provided the documentation tool and Rubicon’s technical accounting memo to the external auditors.
Riveron prepares company for valuation of four acquired businesses
Riveron was engaged to assist a private equity investment firm, roughly $1.8 billion AUM, with the rollup strategy for four newly acquired air and heat businesses. After starting the project with financial diligence, Riveron adapted to fulfilling additional client needs. Additional consulting services included valuation data assistance, application of the business combinations guidance and advising on opening balance sheet entries within the client’s ERP platform. These deliverables allowed the auditors to review the methodology for assessing opening balance sheet cut-off and valuation. The timely completion of the valuations for the four acquisitions subsequently allowed for a successful audit and timely issuance of annual audited financial statements.
Riveron supports company in configuration and implementation of LeaseAccelerator to adhere to the new lease accounting standard
With the release of the new lease accounting standard, Riveron assisted NuStar Energy L.P., a publicly traded master limited partnership midstream business, with the setup, configuration, and data population of the LeaseAccelerator Enterprise Lease Accounting and Enterprise Lease Management SAAS solution. Riveron configured the environment to adapt to NuStar’s specific needs which enabled user access, accounting output, and full-scale disclosure reporting. Riveron provided lease data abstraction training, including the completion of the data intake workbook, system, and accounting validation exercises. Riveron advised NuStar on finance and operating lease reconciliation, custom migration activities, and training for technical users ensuring the successful implementation of the new lease accounting standard.
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Related News & Insights
Public companies have been reporting under the new lease accounting standard since January, while the deadline for private companies to adopt ASC 842 will likely be extended until 2021. Here’s a comprehensive list of resources authored by Riveron’s experts to assist in navigating the various challenges and complexities of this implementation process.
With FASB’s recent vote to extend the deadline for ASC 842 adoption, companies may have until January 2021 to comply with the new lease accounting standard. Riveron experts weigh in on why management teams should use this opportunity to critically access their readiness #leaseaccounting
Few companies anticipated the ripple effect of clean-up activities that would emerge following adoption.
Determining the term of an identified lease has become a key topic of discussion surrounding the implementation of ASC 842. This determination can have material balance sheet implications where leasing is a significant component of a company’s business. Specifically, if a lease qualifies as short-term, companies may make an accounting policy election not to apply certain balance sheet recognition requirements.
The SEC has made it clear – a deferral of the effective date of ASC 842, Leases, is not happening. With that reality in mind and the effective date for calendar year-end public companies upon us, are you ready? Based on our extensive experience implementing the new lease guidance for companies of all sizes, these key readiness topics should be top of mind.