Strategically Adopting & Integrating the New Revenue Standard

Transcription

1 Strategically Adopting & Integrating the New Revenue Standard 1

2 INTRODUCTION TO WG CONSULTING PROVIDING FINANCIAL & TECHNICAL EXPERTISE TO ENERGY CLIENTS WORLDWIDE. WG is a full-service consulting firm headquartered in Houston, Texas. Our particular depth in the energy sector has made our team a trusted advisory source for clients ranging from high-growth emerging companies to the Fortune 500. Our understanding of operational, competitive and regulatory environments in the energy industry is key to delivering relevant solutions that ensure compliance, promote efficiency, and create value for our clients. WG s clients rely on the extensive experience and insight of our team to address their most complex challenges. Our goal is to deliver on our promise of excellence and build long-lasting relationships as a foundation of trust. We re here to serve our clients. We re here to build excellence. 2

3 OUR SERVICE LINES WG CONSULTING MEETS OUR CLIENT S NEEDS THROUGH THREE PRIMARY AREAS OF EXPERTISE

4 REPRESENTATIVE CLIENTS

5 NEW REVENUE ACCOUNTING UPDATES BUILDING EXCELLENCE WE CAN HELP 5

6 ARE YOU READY? STATUS OF REVENUE RECOGNITION IMPLEMENTATION Time is Running Out Year of adoption for public companies is the first year that begins after December 15, 2017 which is 2018 for calendar year-end companies Year of adoption for private companies is a year later-for years that begins after December 15, 2018 Big 4 surveys indicate over 65% of companies have not started analyzing the impacts and over 80% of companies have not decided on an adoption method. SEC is encouraging more information in SAB 74 disclosures on the qualitative and quantitative impact and is expecting more disclosure as time goes on. Nonpublic entities have until 2019 to adopt, but early adoption is allowed. WG is focused on this important update and have the experience needed to bring companies from not yet begun all the way through to implementation has been completed 6

7 WG APPROACH ADOPTION METHODOLOGY Educate your key stakeholders 1. Build the Team 2. Understand the Standard 3. Build the Implementation Plan 4. Apply the Standard 5. Evaluate your processes, systems, and controls Communicate to your key stakeholders 7

8 1. BUILD THE TEAM A CROSS FUNCTIONAL TEAM IS REQUIRED TO ENSURE ALIGNMENT AND SUCCESS Audit Committee Steering Committee Executive Team Working Group Legal Internal Audit Tax IT Commercial / Sales Accounting Potential External Resources 8

9 1. BUILD THE TEAM - THE OBJECTIVE TURNING 5 STEPS INTO A PROCESS THAT CARRIES YOU FORWARD Step 1 Identify Contracts with Customer Existing Contracts/New Contracts/Modifications Step 2 Identify Separate Performance Obligations Revenue Contract Step 3 Determine the Transaction Price Allocate Obligation Step 4 Allocate the Transaction Price to Performance Obligations Price Step 5 Recognize Revenue as Performance Obligations are Satisfied 9

10 RECAP OF OLD VS NEW REVENUE STANDARD Current model (ASC 605) Realized or realizable and earned Persuasive evidence of an arrangement exists Delivery has occurred or services have been rendered Price is fixed or determinable Collectability is reasonably assured New Model (ASC 606) The transfer of a promised good or service determines when revenue is recognized and occurs when (or as) the customer obtains control of the asset. 10

11 SCOPE OF ASC 606 ASC 606 is applicable only if the counterparty to the contract is with a customer. Customer-A party that has contracted with an entity to obtain goods or services that are an output of the entity s ordinary activities in exchange for consideration. Typically, transactions not occurring with a customer may be one-off or infrequent transactions, such as the sale of a piece of equipment or the sale of a corporate headquarters building. For those instances, see ASC Other Revenue Contributions received by non-profit entities are not on the scope of ASC

12 SCOPE OF ASC 606 ASC 606 applies to all entities and should be applied to contracts with customers except for the following: Leases (ASC 840, 842) Derivatives (ASC 815) Guarantees (ASC 460) Debt (ASC 470) Nonmonetary changes between entities in the same line of business (ASC 845) Receivables (ASC 310) Investments (ASC 320,323,325) Financial Instruments (ASC 825) Insurance Contracts (ASC 944) Transfers and Servicing (ASC 860) 12

13 STEP 1 - IDENTIFYING CONTRACTS WITH CUSTOMERS ASSESS CONTRACTS A contract is an agreement between two or more parties that creates enforceable rights and obligations. Assess if transaction price is probable of collection at contract inception, based on customer s ability and intent to pay the amount when due The Following Contract Criteria Must be Met Under ASC 606: Parties have approved the contract and are committed to performing their stated obligations Each party s rights can be identified to assess performance obligations Payment terms can be identified Contract has commercial substance Collection of consideration is probable *If all criteria are not met at contract inception, contract is reassessed each reporting period to determine if all criteria have been met Consider ability to demand advance payments or to stop providing goods or services for non-payment If collection is not probable, cannot recognize cash collected as revenue until: - There are no remaining obligations and substantially all consideration is received, or - The contract has been terminated 13

14 STEP 1 - IDENTIFYING CONTRACTS WITH CUSTOMERS ASSESS CONTRACTS Termination provisions A contract does not exist if each party to the contract has the unilateral enforceable right to terminate a wholly unperformed contract without compensating the other party (or parties). A contract is wholly unperformed if both of the following criteria are met: a. The entity has not yet transferred any promised goods or services to the customer. b. The entity has not yet received, and is not yet entitled to receive, any consideration in exchange for promised goods or services. 14

15 STEP 1 - IDENTIFYING CONTRACTS WITH CUSTOMERS ASSESS CONTRACTS Contract Modifications Certain modifications are treated as separate, standalone contracts, while others are combined with the original contract and accounted for in that manner. In addition, some modifications will be accounted for on a prospective basis and others on a cumulative catchup basis Blend- and- Extend The customer and supplier agree to blend the remaining, original, higher contract rate with the lower, extension-period rate for the remainder of the original contract term plus an extended term Need to determine if it is new contract or contract modification 15

16 STEP 2 - IDENTIFYING SEPARATE PERFORMANCE OBLIGATIONS Performance Obligation Promises to Deliver: 1) A good or service that is distinct, or 2) A series of distinct goods or services that are substantially the same & have the same pattern of transfer Two Requirements for Being Distinct: 1) The customer benefits from the good or service on its own, or together with other resources readily available to customer 2) The promise to transfer the good or service to the customer is separately identifiable from other promises in the contract 16

17 STEP 2 - IDENTIFYING SEPARATE PERFORMANCE OBLIGATIONS Implicit Promises (i.e. roadmap with future deliverables) Additional performance obligation, if valid expectation of additional good/services being delivered Will result in a portion of revenue being deferred Options to Acquire Additional Goods or Services Additional performance obligation, if reasonable to expect customer will exercise the option Additional performance obligation only if the option provides a material right to the customer that it would not receive without entering into that contract Recognized as delivered or upon option expiration Non-Performance Activities to Administer Contract Not an obligation if no transfer of goods or services 17

18 STEP 2 - IDENTIFYING SEPARATE PERFORMANCE OBLIGATIONS Not Separately Identifiable Factors that indicate that two or more promises to transfer good and services are not separately identifiable include, but are not limited to the following: Highly interdependent or highly interrelated Significant integration services Significant modification or customization 18

19 STEP 2 - IDENTIFYING SEPARATE PERFORMANCE OBLIGATIONS Portfolio Approach Practical expedient-applies to portfolio of contracts (or performance obligations) with similar characteristics if reasonably expected that the effects on the financial statements of applying this guidance to the portfolio would not differ materially from applying this guidance to the individual contracts (or performance obligations). Combining Contracts Contracts negotiated around the same time may need to be combined if: Contracts are negotiated The amount of consideration paid in one contract depends on the price or performance of the other contract. 19

20 STEP 2 - IDENTIFYING SEPARATE PERFORMANCE OBLIGATIONS Immaterial in context of contract Disregard goods and services that are deemed to be immaterial in the context of a contract. Not required to aggregate and assess immaterial items at the entity level. Shipping & Handling May elect to account for shipping and handling activities that occur after the customer has obtained control of a good as fulfillment activities (i.e., an expense) rather than as a promised service (i.e., a revenue element) 20

21 STEP 2 - IDENTIFYING SEPARATE PERFORMANCE OBLIGATIONS Energy Industry Power /Utilities Power Purchase Agreement(PPA) Upstream Drilling arrangements Midstream Firm pipeline transportation agreements and firm storage agreements Gathering and processing contracts 21

22 STEP 3 - DETERMINE THE TRANSACTION PRICE The transaction price is the amount of consideration (for example, payment) to which an entity expects to be entitled in exchange for transferring promised goods or services to a customer. Variable Consideration Estimated at contract date/reassessed each reporting period Expected value vs. most-likely amount method Methods are not a policy choice Method applied consistently throughout contract Significant Financing Component Practical expedient - one year or less Noncash Consideration is Measured at Fair Value Fair value is based on fair value at inception of contract 22

23 STEP 3 - DETERMINE THE TRANSACTION PRICE Variable Consideration Estimated based on contract terms & customary business practices Reassess every reporting period Acceptable Valuation Methods Expected Value - Sum of probability-weighted amounts in a range of possible amounts (large number of similar contracts) Most Likely Amount - Single most likely amount of additional consideration (achieve bonus or not) 23

24 STEP 3 - DETERMINE THE TRANSACTION PRICE Constraint Before including any amount of variable consideration in the transaction price, consider whether the amount of variable consideration is constrained. Include in the transaction price some or all of an amount of variable consideration estimated only to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. 24

25 STEP 3 - DETERMINE THE TRANSACTION PRICE Variable Consideration-common types Bonuses Penalties Returns Discounts Money back guarantees Liquidating damages Refunds Incentive payments Market-based fees Volume rebates Price concessions Service level agreements 25

26 STEP 3 - DETERMINE THE TRANSACTION PRICE Consideration Payable to a Customer Treated as reduction in revenue unless payment is for a distinct good or service Examples of consideration payable to customer Slotting fees Cooperative advertising arrangements Buy downs or margin/ price protection Coupons and rebates 26

27 STEP 4 - ALLOCATE THE TRANSACTION PRICE An entity must determine the standalone selling price at contract inception of each performance obligation, then allocate the transaction price on a relative standalone selling price basis. If a standalone selling price is not observable, an entity must estimate it. Allocation of discounts Allocation of variable consideration Allocation is not adjusted for subsequent changes in standalone selling prices Reassessing variable consideration (Step 3) each reporting period can change revenue recognition during a contract 27

28 STEP 4 - ALLOCATE THE TRANSACTION PRICE Standalone Selling Price (SSP) Use customary business practices to determine SSP, not stated or list prices No 3 tier hierarchy, so use all available data, maximizing observable inputs, to estimate SSP if not sold separately Two suitable methods to determine SSP: adjustable market assessment & expected cost plus margin - Method should be applied consistently Discounts Allocated based on relative SSPs, unless other observable evidence exists Multiple Measures of Progress Multiple measures of progress within a single performance obligation is NOT allowed Judgment required to select measure of progress that best depicts transfer to customer 28

29 STEP 4 - ALLOCATE THE TRANSACTION PRICE Stand-ready obligations The promise that the customer will have access to a good or service, not the delivery of the underlying good or service Generally recognized ratably over time but do not default to this position without analysis Type A The entity has control over when the goods or services are delivered, but needs to develop those goods or services further. Type B Neither the entity nor the customer has control over the delivery of the obligation Type C The customer has control over the delivery of the goods or services. Type D The entity is obligated to make a good or service continually available, as is the case with health club chains. 29

30 STEP 4 - ALLOCATE THE TRANSACTION PRICE Breakage Model Recognize the expected breakage amount as revenue only when the likelihood of the passengers exercising their remaining rights becomes remote, which would occur no later than the expiration date of the ticket. Step Pricing Being addressed by AICPA Power & Utility Task Force 30

31 STEP 4 - ALLOCATE THE TRANSACTION PRICE Series A promise to transfer to the customer a series of distinct goods or services that are substantially the same and that have the same pattern of transfer to the customer, if both of the following criteria are met: Satisfied over time if it were accounted for separately. Uses the same measure of progress for each distinct good or service in the series. 31

32 STEP 5 - RECOGNIZE REVENUE AS PERFORMANCE OBLIGATIONS ARE SATISFIED An entity should recognize revenue when (or as) it satisfies each performance obligation by transferring a promised good or service to a customer. A good or service is transferred when (or as) the customer obtains control of that good or service. Over time or a point in time (determined at contract inception) Control - Ability to direct the use of and obtain all remaining benefits from a good or service - Deploy, allow others to deploy or restrict others from using an asset 32

33 STEP 5 - RECOGNIZE REVENUE AS PERFORMANCE OBLIGATIONS ARE SATISFIED Overtime The customer simultaneously receive and consume the benefit as the entity performs The entity s performance create or enhance a customer controlled asset At a Point in Time If an entity is unable to demonstrate that control transfers over time, the presumption is that control transfers at a point in time 33

34 STEP 5 - RECOGNIZE REVENUE AS PERFORMANCE OBLIGATIONS ARE SATISFIED Energy examples At a point in time Commodity Sales Over time Pipeline Transportation and Storage agreements Gathering Agreements Drilling Agreements 34

35 STEP 5 - RECOGNIZE REVENUE AS PERFORMANCE OBLIGATIONS ARE SATISFIED Practical expedient-right to Invoice If amount of invoice that directly corresponds with actual performance of the contract, may elect to apply the practical expedient and measure progress by the amount of the right to bill. 35

36 STEP 5 - RECOGNIZE REVENUE AS PERFORMANCE OBLIGATIONS ARE SATISFIED The following types of arrangements need to be evaluated to determine in control has been transferred and revenue may be recognized. Consignment Arrangements Repurchase agreements Options(Puts and Calls) Bill-and-hold arrangements 36

37 GROSS VS NET Gross vs Net Revenue Presentation Similar to legacy GAAP on principal versus agent Key difference is that ASC 606 focuses on control of the specified goods and services as the overarching principle to consider in determining whether they are acting as a principal or an agent rather than a risk and reward model under ASC 605. First evaluate whether you control the specified good or service before reviewing the standard s principal indicators. 37

38 OTHER Contribution in Aid of Construction (CIAC) Deferred revenue For regulated entities it is being addressed ay the AICPA Power & Utilities Revenue Recognition Task Force Costs to obtain a contract Incremental costs of obtaining a contract are capitalized if expected to be recovered Incremental costs are amortized over the period in which the related goods or services are transferred and are subject to impairment 38

39 DERECOGNITION OF NONFINANCIAL ASSETS Derecognition of nonfinancial assets Nonfinancial assets include real estate and intangibles such as mineral rights ASC 606 replaces current rules for sales of real estate except for sale leasebacks. Assess whether collection is probable. Current rules consider the amount of the initial investment and continuing involvement. In addition, rather than preventing derecognition, a seller s post sale involvement with the disposed asset may need to be accounted for as a separate performance obligation. If not dealing with a customer, see ASC Other Revenue 39

40 LICENSES Licenses of Intellectual property (IP) is classified as either functional or symbolic Functional IP-recognized at a point in time Software Media Content Drug Formulas Symbolic IP-recognized over time Brand or trade name Franchise rights Trademark/copy rights 40

41 AICPA AICPA Revenue Recognition Task Forces Aerospace & Defense Airlines Asset Management Broker-Dealers Construction Contractors Depository Institutions Construction Contractors Depository Institutions Gaming Healthcare Hospitality Not-for-Profit Oil and Gas Power & Utilities Software Telecommunications Timeshare 41

42 TRANSITION RESOURCE GROUP (TRG) Transition Resource Group (TRG) Created to keep the IASB and FASB informed on interpretive issues occurring during implementation of the converged revenue recognition standard and to assist in determining what action may be needed to resolve diversity in practice. TRG Agenda Papers 42

43 SEC SEC Speech on May 8, 2017 on revenue recognition by Sylvia E. Alicia, Professional Accounting Fellow, Office of Chief Accountant Speech provides information on the recent SEC consultation themes on each of the five steps of ASC 606 Emphasized transition disclosures Focus on updating internal controls 43

44 IFRS 15 AND ASC 606 Differences of IFRS 15 with ASC Shipping & handling 2. Noncash consideration 3. Sales tax 4. Reversal of previously impaired contract acquisition and contract fulfillment 5. Sales of in-substance nonfinancial assets 6. Determination of provisions for loss-making and onerous contracts 7. Effective date for nonpublic companies 8. Definition of completed contract 9. Disclosures: Remaining performance obligations 10. Interim disclosures of disaggregated information 11. Immaterial information 12. Licenses 13. Transition 44

45 DISCLOSURE - CHOOSING THE APPLICATION METHOD Two options for adoption Retrospective - Applied retrospectively to each prior reporting period presented This method appears to be the more robust and will provide full comparative periods as of the period of adoption, providing better visibility for analysts and investors. The FASB has attempted to reduce the cost/burden of this adoption method by offering professional expedients with regard to completed contracts Cumulative effect - Applying the guidance at date of adoption, with an adjustment to the opening balance sheet to record the cumulative impact on prior periods This method still requires significant levels of work to calculate the cumulative impact, but it does save time and energy in the reporting phase of the project Regardless of method, the preparer will need to provide qualitative and quantitative discussion of changes in reporting results based on adoption 45

46 DISCLOSURE - EXPANDED FOR INTERIM & ANNUAL Disaggregation of revenue Significant changes in contract assets & contract liabilities Performance obligations when satisfied, payment terms, for each revenue stream Significant judgements & changes in judgements including how the transaction price was determined & allocated to performance obligations Costs capitalized Practical expedients selected Standard disclosures for change in accounting method 46

47 3. BUILD THE IMPLEMENTATION PLAN DUAL LINKED PATHS BEGIN WITH THE END IN MIND 5 step model Identification Performance Obligations Price Allocate Price Recognize Revenue Disclosure readiness Adoption Method Election Footnote Disclosure/ Gap Analysis Reporting / FP&A enhancements 47

48 4. APPLY THE STANDARD JUDGEMENT AND ESTIMATES 1. Variable or contingent consideration 2. Bundled goods or services 3. Criteria to recognize revenue over time or at a point in time 4. Significant financing component 5. Capitalization of costs incurred to obtain contracts 6. Performance obligations 48

49 5. EVALUATE PROCESSES, SYSTEMS, AND CONTROLS Customers and Contracts Systems and Data Financial and Operational Reporting Business Policies and Processes 49

50 HOW CAN WG CONSULTING HELP? Initial diagnostic of key areas impacted by the new revenue standard Provide an evaluation of financial impact with forecasting models to predict changes in key financial measures, significant sales transactions or sample of transactions Advice on developing an implementation plan Facilitate assessment of contracts Project management support to transition team Assess requirements for data, processes, systems & controls Advice on process & system solutions to embed the new standards 50

51 LEADERSHIP PROFILES 51

52 ROGER BURKS EXECUTIVE MANAGING DIRECTOR/CEO c: PROFESSIONAL EXPERIENCE Roger Burks serves as an Executive Managing Director and CEO at WG Consulting. Roger and his team serve as interim CFO s for a number of companies and provide all financial, operational, and transactional services to clients as well. He is a CPA with over 34 years of business experience, including over 20 years with Deloitte & Touche and 14 years of experience as a senior executive in the energy industry, including taking a company through a public debt raise and IPO as the CFO. Roger s experience further stems from serving on Boards, funding new ventures, and starting two management consulting firms. Prior to WG, Roger was the Partner in Charge of the Energy Practice & Global Strategic Clients for Deloitte & Touche in Houston, TX. He served as Lead Partner for many of the energy clients of Deloitte and led various transaction projects including external audits, acquisitions, divestitures, public and private stock and debt offerings, as well as merger integration. INDUSTRY SECTORS Energy (all sectors) Manufacturing Technology AREAS OF EXPERTISE CFO Services Board Advisory Services Mergers, Acquisitions, & Integration Seller Advisory & Due Diligence Management Organizational Restructuring/Design Business Process & Controls Financing and Valuation SEC & IPO Preparation Strategic Planning Entrepreneur Advisory

53 TODD RIMMER EXECUTIVE MANAGING DIRECTOR/PRESIDENT c: INDUSTRY SECTORS Energy Oilfield Services Manufacturing Natural Gas Marketing & Distribution Power Generation & Distribution Energy Marketing & Trading (Physical & Derivatives) PROFESSIONAL EXPERIENCE Todd Rimmer serves as an Executive Managing Director and President at WG Consulting. His focus is providing Financial and Business Advisory Services for private, public and private equity backed companies in the oil field service, manufacturing and upstream areas. Prior to joining WG, Todd was the senior vice president and Chief Financial Officer of Valerus Compression Services. His responsibilities included domestic and international accounting, finance, treasury, tax, information technology, and financial planning and analysis. Prior to joining Valerus, Todd was the senior vice president and Chief Financial Officer of Sequent Energy Management and was involved in natural gas asset management and optimization, producer services, wholesale marketing, and risk management activities. He was also with American Electric Power (AEP) in Columbus, Ohio where he served as the director of financial reporting and was responsible for the corporate level consolidation and external reporting for AEP s eleven public registrants, as well as all other regulatory and non-public filings. He began his career with Deloitte, where he achieved the level of senior manager and focused primarily on energy trading, oil field service, manufacturing, and independent power producer clients. AREAS OF EXPERTISE CFO Services SEC & IPO Preparation Private Equity Services Business Process & Controls Organizational Restructuring & Design Mergers & Acquisitions Integration Strategic Planning

54 PATRICK SCHNEIDER MANAGING DIRECTOR c: INDUSTRY SECTORS Energy (Upstream, Midstream, Downstream) Refining and Petrochemicals Oilfield Services Engineering, Construction & Maintenance Power Transmission & Distribution PROFESSIONAL EXPERIENCE Patrick Schneider brings over 17 years of experience in finance related services. Prior to joining WG, he was the Executive Vice President and Chief Financial Officer of US Shale, a private equity owned oil field service company, with operations in the U.S. and Canada, focused on integrated oil and natural gas infrastructure construction and maintenance. His responsibilities included accounting, finance, treasury, tax, information technology and financial planning and analysis. Prior to joining US Shale, Patrick was with Willbros Group, Inc. (Willbros), a Houston-based publicly traded company. His most recent position was as the Senior Vice President of Finance & Administration for the Oil & Gas segment. This operationally focused role supported the President of the segment as well as the CFO of Willbros with emphasis on leading the following functional groups within the segment; accounting, financial planning & analysis, acquisitions and dispositions, procurement, human resources, information technology, and project controls. Prior to that Patrick was the Director of Corporate Financial Services leading; SEC reporting, management reporting, consolidated FP&A, internal controls framework and compliance, and corporate consolidations. He began his career with Deloitte where he focused primarily on oil field service, manufacturing, and independent power producer clients served. AREAS OF EXPERTISE CFO Services SEC and IPO Preparation Private Equity Services Org. Restructuring & Design Financing and Valuation Treasury Services Strategic Planning 54

55 GREG MAYER DIRECTOR AREAS OF PRACTICE Energy Midstream Natural Gas & Oil Power Transmission & Distribution Natural Gas Marketing & Distribution SEC Reporting & IPO Preparation FERC Accounting Financing & Valuation Real Estate Hospitality-Hotels & Restaurants PRIOR ROLES Spectra Energy Corp; Director, Accounting Research CenterPoint Energy Inc.; Financial Reporting Manager Affiliated Computer Services, Inc.; Assistant Controller BancTec, Inc.; Director, Consolidations & SEC Reporting Wyndham Hotels & Resorts, Controller Management Company & Real Estate PROFESSIONAL PROFILE Greg Mayer is a CPA and CGMA bringing over 35 years of experience within the energy industry, public accounting and SEC reporting. Prior to joining WG, he was a Director within Accounting Research for Spectra Energy Corp and was responsible for researching and supporting the corporate wide technical accounting positions taken by the company. Spectra Energy Corp, now part of Enbridge Inc., was a public midstream natural gas and oil company with operations in the U.S. and Canada. Prior to Spectra Energy, Greg was a Financial Reporting Manager for CenterPoint Energy Inc. His responsibilities included SEC reporting, mergers and acquisitions, as well as due diligence and derivative accounting for the wholesale natural gas trading group. Greg also worked as a Controller and Director managing large groups of 40 people within consolidations and SEC reporting for companies in the business processing outsourcing, real estate and hospitality industries. REPRESENTATIVE EXPERIENCE Responsible for all monthly, quarterly and annual financial reporting (internal and external) earnings IPO Preparation Securities and Exchange Commission experience including all applicable filings on Form 10-K, 10-Q and 8-K Project leader on implementation of the new revenue and lease standards. Participated in midstream industry working groups focusing on revenue and lease standards Mergers and acquisitions/due diligence Derivative accounting for whole sale natural gas trading operations Business valuations for goodwill impairment analysis Served as a controller responsible for all the corporate accounting functions including treasury, accounts payable, payroll and financial planning & analysis for public companies including Wyndham Hotels and Resorts and Affiliated Computer Services, Inc Interface with private equity groups for the sale by CenterPoint Energy of Houston area electric power plants