Hein & Associates provides an update on new FASB standard
After years of review, the Financial Accounting Standards Board (FASB) issued a new standard that will require both public and private companies to show lease obligations on their balance sheet, according to Hein & Associates.
As far back as 2005, financial regulators had pegged leases as an area for review, since the widespread off-balance sheet accounting treatment for such transactions may not have provided enough transparency about these obligations. Under ASU 2016-02 (Leases, Topic 842), organizations that lease assets (or “lessees”) must now recognize on the balance sheet “assets and liabilities for the rights and obligations” created by those lease agreements. The new standard also compels lessees to recognize all lease-related assets and liabilities for terms exceeding 12 months. Finally, while current Generally Accepted Accounting Principles (GAAP) require only capital lease recognition on a balance sheet, the new standard will require recognition on the balance sheet of operating leases as well.
Public companies will need to comply with the new lease accounting standard starting in fiscal years (and interim periods) that commence after December 15, 2018. For private companies and other organizations, the standard becomes effective in fiscal years that start after December 15, 2019, or interim periods within the fiscal year that begin after December 15, 2020.
Hein in the top-100 for a 17th consecutive year
Hein & Associates was named number 69 in Accounting Today’s 2016 Top 100 Firms for the 17th consecutive year. In the Mountain states region, Hein maintained its second-place ranking using new services to offset a weaker energy marketplace, the company said in a release.
In addition to the Accounting Today recognition, Hein was one of only three firms to earn a 2015 Pyramid Award from Inside Public Accounting, which recognizes accounting firms that exhibit long-term consistency and exceptional performance regardless of outside factors. Hein also was honored in 2015 by Audit Analytics as one of the nation’s Top 50 Auditors.
Hein announces three new Denver area experts
In addition to Hein’s recognition in Accounting Today, the company announced the addition of three new tax experts in Denver. John Monahan, CPA, and Stuart Myhill, CPA, joined the firm’s Denver office as partners, and Paul Hocevar, CPA, as a tax director. Prior to Hein, all three previously worked together at a business tax specialty and advisory firm, where they were partners.
With more than 25 years of experience, Monahan specializes in providing tax compliance and consulting services to corporate taxpayers. He has served clients in both the public and private sectors, offering a deep technical knowledge of ASC-740 reporting requirements and tax implications of mergers and acquisitions.
Myhill has more than 20 years of tax, accounting and operational finance management experience, with an industry focus on technology, manufacturing and distribution. He specializes in domestic and international tax compliance, tax planning for mergers and acquisitions, inbound and outbound tax structuring, ASC-740 accounting for income taxes, intellectual property migration, supply chain planning and process improvement.
Hocevar, who has more than 40 years of experience, specializes in serving the oil and gas, mining and real estate industries. In addition to meeting comprehensive tax needs and assisting clients with complex transaction structures, Hocevar is an exit strategist and fundraising expert for companies looking to enhance business value or minimize tax liabilities associated with mergers and acquisitions, debt- or equity-placements, tax-free exchanges, IPOs and secondary offerings.
