Accounting Advisory
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 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. The additional services included preparing the work papers necessary to complete the valuation, drafting the memo addressing provisions of ASC 805, and creating OBS workbooks used to create 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.
Riveron guides company through SEC regulatory requirements
Riveron assisted American Midstream Partners, LP, a $650 million public midstream partnership, with ongoing US GAAP and SEC financial reporting assistance, audit support and complex accounting implications following various acquisitions and divestitures. From drafting technical memos, to assisting in the preparation of the Company’s Form 10-Ks and 10-Qs, Riveron helped to guide the Company through various complex matters specific to their business ensuring SEC regulatory compliance. Riveron then participated in management’s discussions with the external auditors to support the Company’s accounting and financial reporting to successfully complete the year-end audit.
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Quick Takeaways: Impacts of New Lease Accounting Standard on Oil & Gas Companies
The new lease accounting standard (ASC 842) is effective for calendar year-end public companies on January 1, 2019.