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Russia-Ukraine war: Lithuania hits out at Russia disinformation over spy claims as it happened World news

what are plant assets

The balance of the PP&E account is remeasured every reporting period, and, after accounting for historical cost and depreciation, is called the book value. Tom’s Machine Shop is a factory that machines fine art printing presses. One of the CNC machines broke down and Tom purchases a new machine for $100,000. The bookkeeper would record the transaction by debiting the plant assets account for $100,000 and crediting the cash account for the same.

IFRIC 12 — Service Concession Arrangements

But major-general Vadym Skibitsky, deputy chief of Ukraine’s HUR military intelligence directorate, told the Economist magazine that talks would eventually be needed, as would be the case with any war. “Airbase 101 where our forces [are], is a Nigerien air force base that is co-located with an international airport in the capital city. The Russians are in a separate compound and don’t have access to US forces or access to our equipment,” Austin said at a press conference in Honolulu.

what are plant assets

Revenue Generation

It is interesting to note that IAS 16 has pointed out that a plant asset purchased for safety or environmental reasons could qualify as a plant asset even if it does not contribute to revenue. Such assets must be vital for an entity to reap the economic benefits from its other assets and would not have been otherwise acquired had its other assets not been purchased for use in business in the first place. Plant assets are reported within the property, plant, and equipment line item on the reporting entity’s balance sheet, where it is grouped within the long-term assets section. The presentation may pair the line item with accumulated depreciation, which offsets the reported amount of the asset.

  • It is the efficient use of these resources that in many cases determines the amount of profit corporations will earn.
  • Property, plant and equipment is the long-term asset or noncurrent asset section of the balance sheet that reports the tangible, long-lived assets that are used in the company’s operations.
  • A Russian activist has been sentenced to 15 years in prison for attempting to set fire to a military conscription office in protest against the Russian action in Ukraine, officials said Friday.
  • Broadly speaking, an asset is anything that has value and can be owned or used to produce value, and can theoretically be converted to cash.
  • The IRS defines a REIT as an investment company that owns and operates a real estate asset that generates income from the sale or lease of that asset.
  • Plant assets are a group of assets used in an industrial process, such as a foundry, factory, or workshop.

Module 9: Property, Plant, and Equipment

what are plant assets

At almost $23 billion, PP&E composes almost half of the total assets of $51 billion. In most cases, companies will list their net PP&E on their balance sheet when reporting financial results, so the calculation has already been done. Plant assets, also known as property, plant, and accounting services for startups equipment (PP&E), are tangible assets with a useful life of more than one year. Plant assets are recorded at their cost and depreciation expense is recorded during their useful lives. The second method of deprecation is the declining balance method or written down value method.

  • The accountant debits the entire costs to Land, including the cost of removing the building less any cash received from the sale of salvaged items while the land is being readied for use.
  • Any costs incurred after the initial purchase that enhance the asset’s future economic benefits are capitalised onto the balance sheet.
  • You can, however, sell your land at a higher price and still get the same amount of money back as you would have received if it had been sold at its original price.
  • As we continue to walk our way down the balance sheet, we come to noncurrent assets, the first and most significant of which is PP&E.

what are plant assets

Land can be purchased by a start-up company for a single site, but a bigger company can possess several types of land that serve diverse functions for the company and its subsidiaries. Improvement value is difficult to transfer over when new ownership takes over an asset. For example, a business leases out an asset with its improvements attached to an individual. In this case, the lessor gets ownership over improvements at the end of a leasehold improvement.

Financial Accounting

If the equipment or machinery in question is a necessary part of your business operation, it’s a plant asset. While they’re most definitely both considered part of the asset category, current assets and plant assets don’t share all that much in common. Depending on the industry, plant assets may make up either a very substantial percentage of total assets, or they may make up only a small part.

What is a depreciation expense?

Many business entities use different depreciation methods for financial reporting and tax purposes. In the same way, a company can sell its assets to a third party and use them for its own benefit. This is called an “asset sale,” and it is not considered to be a sale of a tangible asset. Most companies, especially those that run fully in-house and do not rely on other parties for production or processing, require land.

Also included are labor and materials to build the building; salaries of officers supervising the construction; and insurance, taxes, and interest during the construction period. Any miscellaneous amounts earned from the building during construction reduce the cost of the building. For example, an owner who could rent out a small completed portion during construction of the remainder of the building, would credit the rental proceeds to the Buildings account rather than to a revenue account. In Exhibit 4, note how the asset’s life begins with its procurement and the recording of its acquisition cost, which is usually in the form of a dollar purchase.

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What Is the Debt Ratio?

A higher ratio suggests that the company uses more borrowed money, which comes with interest and repayment obligations. Conversely, a lower ratio indicates that the company primarily uses equity, which doesn’t require repayment but might dilute ownership. The company who takes advantage of this opportunity will, if all goes as projected, generate an additional $1 billion of operating profit while paying $600 million in interest payments. This would add $400 million to the company’s pre-tax profit and should serve to increase the company’s net income and earnings per share. For information pertaining to the registration status of 11 Financial, please contact the state securities regulators for those states in which 11 Financial maintains a registration filing. For instance, if Company A has $50,000 in cash and $70,000 in short-term debt, which means that the company is not well placed to settle its debts.

Current Ratio

If a company has a negative debt ratio, this would mean that the company has negative shareholder equity. In most cases, this is considered a very risky sign, indicating that the company may be at risk of bankruptcy. Common debt ratios include debt-to-equity, debt-to-assets, long-term debt-to-assets, and leverage and gearing ratios.

What Are Some Common Debt Ratios?

The higher the debt ratio, the more leveraged a company is, implying greater financial risk. At the same time, leverage is an important tool that companies use to grow, and many businesses find sustainable uses for debt. Some sources consider the debt ratio to be total liabilities divided by total assets. This reflects a certain ambiguity between the terms debt and liabilities that depends on the circumstance.

Calculation of Debt To Equity Ratio: Example 1

A debt-to-equity ratio of 0.32 calculated using formula 1 in the example above means that the company uses debt-financing equal to 32% of the equity. Generally, lenders see ratios below 1.0 as good and ratios above 2.0 as bad. However, the ratio does not take into account your business’s industry, so you do have some wiggle room between good and bad.

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Ultimately, the D/E ratio tells us about the company’s approach to balancing risk and reward. A company with a high ratio is taking on more risk for potentially higher rewards. In contrast, a company with a low ratio is more conservative, which might be more suitable for its industry or stage of development.

This means that for every dollar in equity, the firm has 42 cents in leverage. A ratio of 1 would imply that creditors and investors are on equal footing in the company’s assets. In the previous example, the company with the 50% debt to equity ratio is less risky than the firm with the 1.25 debt to equity ratio since debt is a riskier form of financing than equity. Along with being a part of the financial leverage ratios, the debt to equity ratio is also a part of the group of ratios called gearing ratios. The debt-to-equity ratio is one of the most commonly used leverage ratios. The debt-to-equity ratio is calculated by dividing total liabilities by shareholders’ equity or capital.

To calculate the D/E ratio, divide a company’s total liabilities by its shareholder equity. For example, capital-intensive industries like utilities or manufacturing often have higher D/E ratios due to the need for substantial upfront capital investment. Conversely, technology or service companies might have lower D/E ratios since they require less physical capital investment.

Debt financing is often seen as less risky than equity financing because the company does not have to give up any ownership stake. There are various companies that rely on debt financing to grow their business. For example, Nubank was backed by Berkshire Hathaway with a $650 million loan. A good D/E ratio also varies across industries since some companies require more debt to finance their operations than others. A low D/E ratio shows a lower amount of financing by debt from lenders compared to the funding by equity from shareholders. Assessing whether a D/E ratio is too high or low means viewing it in context, such as comparing to competitors, looking at industry averages, and analyzing cash flow.

A negative D/E ratio means that the total value of the company’s assets is less than the total amount of debt and other liabilities. However, start-ups with a negative D/E ratio aren’t always cause for concern. Companies can improve their D/E ratio by using cash from their operations to pay their debts or sell non-essential assets to raise cash. They can also issue equity to raise capital and reduce their debt obligations.

In this case, any losses will be compounded down and the company may not be able to service its debt. Pete Rathburn is a copy editor and fact-checker with expertise in economics and personal finance and over twenty years of experience in the classroom. Companies generally aim to maintain a debt-to-equity ratio between the two extremes. Obviously, it is not possible to suggest an ‘optimum’ debt-to-equity ratio that could apply to every organization. What constitutes an acceptable range of debt-to-equity ratio varies from organization to organization based on several factors as discussed below.

In other words, the assets of the company are funded 2-to-1 by investors to creditors. This means that investors own 66.6 cents of every dollar of company assets while creditors only own 33.3 cents on the dollar. The D/E ratio is a financial metric that measures the proportion of a company’s debt relative to its shareholder equity. The ratio offers insights into the company’s debt level, indicating whether it uses more debt or equity to run its operations. Debt-to-equity and debt-to-asset ratios are used to measure a company’s risk profile. The debt-to-equity ratio measures how much debt and equity a company uses to finance its operations.

For instance, let’s assume that a company is interested in purchasing an asset at a cost of $100,000. Shaun Conrad is a Certified Public Accountant and CPA exam expert with a passion for teaching. After almost a decade of experience in public accounting, he created to help people learn accounting & finance, pass the CPA exam, and start their career.

From Year 1 to Year 5, the D/E ratio increases each year until reaching 1.0x in the final projection period. Upon plugging those figures into our formula, the implied D/E ratio is 2.0x.

  1. A D/E ratio determines how much debt and equity a company uses to finance its operations.
  2. Changes in long-term debt and assets tend to affect the D/E ratio the most because the numbers involved tend to be larger than for short-term debt and short-term assets.
  3. “In the world of stock and bond investing, there is no single metric that tells the entire story of a potential investment,” Fiorica says.
  4. As an example, many nonfinancial corporate businesses have seen their D/E ratios rise in recent years because they’ve increased their debt considerably over the past decade.
  5. However, if the additional cost of debt financing outweighs the additional income that it generates, then the share price may drop.

For example, asset-heavy industries such as utilities and transportation tend to have higher D/E ratios because their business models require more debt to finance their large capital expenditures. Tesla had total liabilities of $30,548,000 and total shareholders’ equity of $30,189,000. Interest payments on debt are tax-deductible, which means that the company can reduce its taxable income by deducting the interest expense from its operating income. Gearing ratios are financial ratios that indicate how a company is using its leverage.

If your liabilities are more than your total assets, you have negative equity. While using total debt in the numerator of the debt-to-equity ratio is common, a more revealing method would use net debt, or total debt minus cash in cash and cash equivalents the company holds. The periods and interest rates of various debts may differ, which can have a substantial effect on a company’s financial stability. In addition, the debt ratio depends on accounting information which may construe or manipulate account balances as required for external reports. It gives a fast overview of how much debt a firm has in comparison to all of its assets.

For shareholders, it means a decreased probability of bankruptcy in the event of an economic downturn. A company with a higher ratio than its industry average, therefore, may have difficulty securing additional funding from either source. The debt to equity ratio can be misleading unless it is used along with industry average ratios and financial information to determine how the company is using debt and equity as compared to its industry. Companies that are heavily capital intensive may have higher debt to equity ratios while service firms will have lower ratios. A company’s total liabilities are the aggregate of all its financial obligations to creditors over a specific period of time, and typically include short term and long term liabilities and other liabilities.

This allows businesses to fund expansion projects more quickly than might otherwise be possible, theoretically increasing profits at an accelerated rate. The debt-to-equity ratio (D/E) is a financial leverage ratio that can be helpful when attempting to understand a company’s economic health and if an investment is worthwhile or not. It is considered to be a gearing ratio that compares the owner’s equity or capital to debt, or funds borrowed by the company. A high debt-equity ratio can be good because it shows that a firm can easily service its debt obligations (through cash flow) and is using the leverage to increase equity returns. What counts as a “good” debt-to-equity (D/E) ratio will depend on the nature of the business and its industry. Generally speaking, a D/E ratio below 1 would be seen as relatively safe, whereas values of 2 or higher might be considered risky.

If you are in an industry that performs work and invoices after you complete a project, that information is important. You may be less of a risk because your customers owe you and you’re expecting a payment. Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more – straight to your e-mail.

Thus, many companies may prefer to use debt over equity for capital financing. In some cases, the debt-to-equity calculation may be limited to include only short-term and long-term debt. Together, the total debt and total equity of a company combine to equal its total capital, which is also accounted for as total assets. Debt ratio is a metric that measures a company’s total debt, as a percentage of its total assets.

When your ratio is negative, it might indicate your business is at risk of bankruptcy. Taking on debt may be your best option when you don’t have enough electronic filing equity to operate. The accounting debt-to-equity ratio can help you determine how much is too much and draws the line between good and bad debt ratios.

Other industries that tend to have large capital project investments also tend to be characterized by higher D/E ratios. In order to reduce the risk of bad loans, banks impose restrictions on the maximum debt-to-equity ratio of borrowers as defined in the debt covenants in loan agreements. Each variant of the ratio provides similar insights regarding the financial risk of the company.

The debt-to-equity ratio is most useful when used to compare direct competitors. If a company’s D/E ratio significantly exceeds those of others in its industry, then its stock could be more risky. As a rule, short-term debt tends to be cheaper than long-term debt and is less sensitive to shifts in interest rates, meaning that the second company’s interest expense and cost of capital are likely higher.

As with any ratio, the debt-to-equity ratio offers more meaning and insight when compared to the same calculation for different historical financial periods. If a company’s debt to equity ratio has risen dramatically over time, the company may have an aggressive growth strategy being funded by debt. If the company, for example, has a debt to equity ratio of .50, it means that it uses 50 cents of debt financing for every $1 of equity financing. If you have a $50,000 loan and $10,000 is due this year, the $10,000 is considered a current liability and the remaining $40,000 is considered a long-term liability or long-term debt. When calculating the debt to equity ratio, you use the entire $40,000 in the numerator of the equation.

If a company cannot pay the interest and principal on its debts, whether as loans to a bank or in the form of bonds, it can lead to a credit event. The D/E ratio is one way to look for red flags that a company is in trouble in this respect. When looking at a company’s balance sheet, it is important to consider the average D/E ratios for the given industry, as well as those of the company’s closest competitors, and that of the broader market. If the debt to equity ratio gets too high, the cost of borrowing will skyrocket, as will the cost of equity, and the company’s WACC will get extremely high, driving down its share price.

A company with a high debt-to-equity ratio uses more debt to fund its operations than a company with a lower debt-to-equity ratio. Both ratios, however, encompass all of a business’s assets, including tangible assets such as equipment and inventory and intangible assets such as copyrights and owned brands. Because the total debt to assets ratio includes more of a company’s liabilities, this number is almost always higher than a company’s long-term debt to assets ratio. The debt ratio aids in determining a company’s capacity to service its long-term debt commitments.

Even though shareholder’s equity should be stated on a book value basis, you can substitute market value since book value understates the value of the equity. Market value is what an investor would pay for one share of the firm’s stock. In other industries, such as IT, which don’t require much capital, a high debt to equity ratio is a sign of great risk, and therefore, a much lower debt to equity ratio is more preferable. A popular variable for consideration when analyzing a company’s D/E ratio is its own historical average. A company may be at or below the industry average but above its own historical average, which can be a cause for concern. In this case, it is important to analyze the company’s current situation and the reasons for the additional debt.

Thus, in this variation, short-term debt is not included in the long-term debt-to-equity calculation. Although debt results in interest expense obligations, financial leverage can serve to generate higher returns for shareholders. The more debt a company takes on, the more financial leverage it gains without diluting shareholders’ equity. Both companies are also offered a loan at 6% interest to help them finance a $10 billion project forecasted to generate 10% returns.

In case of a negative shift in business, this company would face a high risk of bankruptcy. Sometimes, however, a low debt to equity ratio could be caused by a company’s inability to leverage its assets and use debt to finance more growth, which translates to lower return on investment for shareholders. Conversely, a lower D/E ratio indicates that a business is primarily financed through equity, which might be considered safer, particularly during market downturns.

From the perspective of companies, it is therefore important to measure the debt-to-equity ratio because capital structure is one of the fundamental considerations in financial management. As the business owner, use the debt-to-equity ratio interpretation to decide whether you can or cannot take on more debt. If you have more equity than debt, your business may be more appealing to investors or lenders.

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Publication 946 2023, How To Depreciate Property Internal Revenue Service

depreciable assets

However, if MACRS would otherwise apply, you can use it to depreciate the part of the property’s basis that exceeds the carried-over basis. If the software meets the tests above, it may also qualify for the section 179 deduction and the special depreciation allowance, discussed later in chapters 2 and 3. If you can depreciate the cost of computer software, use the straight line method over a useful life of 36 months. In April, you bought a patent for $5,100 that is not a section 197 intangible.

When You Have To Pay Taxes on Depreciable Property

Because the house was placed in service after June 22, 1984, and before May 9, 1985, it is 18-year real property. Your deduction for 1985 through 2003 is shown in the following depreciable assets table. The declining balance method is a type of accelerated depreciation used to write off depreciation costs earlier in an asset’s life and to minimize tax exposure.

What is the Depreciation Period for a Depreciable Asset?

If these facts change significantly, you can adjust your estimate of the remaining useful life. However, you redetermine the estimated useful life only when the change is substantial and there is a clear reason for making the change. The useful life of the same type of property varies from user to user. When you determine the useful life of your property, keep in mind your own experience with similar property. You can use the general experience of the industry you are in until you are able to determine a useful life of your property from your own experience.

  • The lease term for listed property other than 18- or 19-year real property, and residential rental or nonresidential real property, includes options to renew.
  • If this convention applies, the depreciation you can deduct for the first year that you depreciate the property depends on the month in which you place the property in service.
  • Generally, the class life of property places it in a 3-year, 5-year, 10-year, 15-year, 18-year, or 19-year recovery class.
  • In Table 2 or 3 at the end of this publication in the Appendix, find the month in your tax year that you first placed the property in service as rental housing.
  • For the third, fourth, and fifth years of the recovery period (1986, 1987, and 1988), the percentages are 9%, 8%, and 7%.
  • It doesn’t depreciate an asset quite as quickly as double declining balance depreciation, but it does it quicker than straight-line depreciation.

Which assets cannot be depreciated?

depreciable assets

On March 19, 1986, you bought and placed in service a $13,000 light-duty panel truck to be used in your business and a $500 electric saw. You decided to recover the cost of the truck, which is 3-year recovery property, over 5 years. The saw is 5-year property, but you decided to recover its cost over 12 years. Unlike the 3-, 5-, or 10-year classes of property, the percentages for 15-year real property depend on when you placed the property in service during your tax year.

Depreciation Base of Assets

All recovery property under ACRS is in one of the following classes. The class for your property was determined when you began to depreciate it. Any additions or improvements placed in service after 1986, including any components of a building (plumbing, wiring, storm windows, etc.) are depreciated using MACRS, discussed in chapter 4 of Pub. It does not matter that the underlying property is depreciated under ACRS or one of the other methods. Any additions or improvements placed in service after 1986, including any components of a building (such as plumbing, wiring, storm windows, etc.), are depreciated using MACRS, discussed in chapter 4 of Pub. Some restrictions apply to the types of property that can be depreciated this way, so check with a tax professional before moving ahead with claiming it.

Resources for Your Growing Business

depreciable assets

Your depreciation deduction isn’t simply a matter of what you paid for that asset divided by its class life. You can depreciate personal property that you use for both personal and business reasons, but you can only deduct a percentage of the cost equal to the percentage of time it’s used for business reasons. Depreciation provides a way for businesses and individual investors to measure the decline in value of tangible fixed assets over their useful lives. Depreciation is a non-cash expense that reduces net income on an income statement and, on a balance sheet, reduces the value of assets.

  • However, if you acquire property in some other way, such as inheriting it, getting it as a gift, or building it yourself, you have to figure your original basis in a different way.
  • After you figure your special depreciation allowance for your qualified property, you can use the remaining cost to figure your regular MACRS depreciation deduction (discussed in chapter 4).
  • Your use of the mid-month convention is indicated by the “MM” already shown under column (e) in Part III of Form 4562.
  • Related persons are described under Related persons, earlier.
  • In other words, it lets firms match expenses to the revenues they helped produce.
  • For example, a small company might set a $500 threshold, over which it will depreciate an asset.
  • You cannot use MACRS for property you placed in service before 1987 (except property you placed in service after July 31, 1986, if MACRS was elected).
  • Where it differs is that it refers to the gradual exhaustion of natural resource reserves, as opposed to the wearing out of depreciable assets or the aging life of intangibles.
  • Accrual accounting permits companies to recognize capital expenses in periods that reflect the use of the related capital asset.
  • The business stops depreciating property when they have fully recovered their cost or other basis or when they retire it from service, whichever happens first.
  • Your section 179 deduction is generally the cost of the qualifying property.

Declining Balance

What Is Useful Life?

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Jeffrey Matthews joins HKA’s Dallas office as a Partner in its Forensic Accounting and Commercial Damages practice

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While other Dallas accounting firms offer assistance with using QuickBooks, Candy & Schonwald LLC goes above and beyond to ensure that their clients have all the support they need when using tax software. When it comes to tax planning, compliance, and accounting services, BH & Co. is well versed in today’s regulatory requirements facing healthcare professionals. We want you to take some weight off your shoulder so that you could spend more time improving and delivering your products and services and less time on your books. We provide outsourced accounting services for small businesses across the USA from our location in Plano, TX. Virtual accounting means that we aren’t constrained to just businesses in North Dallas or DFW… we can serve your small business even if you’re out of state (anywhere in the USA). If you are local to the Plano/Frisco/McKinney area, we’re happy to meet with you in person or virtually.

Top 10 Best accounting services Near Dallas, Texas

One of the most common issues that small business owners face is being overburdened with everyday accounting activities such as payroll, bookkeeping, and tax preparation. Accountants’ rates vary based on their education, licenses, experience, and the work for which they are being hired. Hourly rates can range as widely as $40 per hour to $300 or more per hour, depending on your geographic location and the accountant.

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We understand that accounting can add layers of pain and complexity to any business, which is why we make it “EASY” at Jones Square. We are experienced professionals who perform your accounting needs, whether they are large or small, with the highest level of integrity. But unfortunately, this function can fall to the bottom of the list of day-to-day demands. Many small bookkeeping dallas businesses depend on one person to manage their accounting, which can lead to a variety of risks, such as security, turnover, and continuity. We’ll make sure they get paid and any returns or tax payments are filed away with the appropriate authority. “Jesse is a great accountant that I go to for my tax preparation. He is knowledgeable, prompt, and responsive.”

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Financial Institutions

Sterling’s Bookkeeping & Tax Service focuses on maximizing efficiencies and gains. With a combined 100+ years of experience, Jones Square offers small- to medium-sized businesses with a variety of bookkeeping, accounting and payroll services. Their services empower business owners to focus on growing their business, instead of on back-office tasks. Located in the DFW metro area, Jones Square serves a variety of industries across the entire USA. Marcum is a national accounting and advisory services firm dedicated to helping entrepreneurial, middle-market companies and high net worth individuals achieve their goals.

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  • Sterling’s Bookkeeping & Tax Service is a full-service bookkeeping firm with offices in Dallas and Hurst.

Bookkeeping Services of Plano is an accounting firm located in Plano with well over 20 years of experience in the industry. The company’s services include bank and credit card account reconciliation, account payable and accounts receivable, financial reporting, billing and invoicing, tax services, and payroll services. Bookkeeping Services of Plano is an Intuit QuickBooks Certified ProAdvisor and a Better Business Bureau accredited business with an A+ rating. Our accounting services can assist you in managing your finances, making well-informed decisions regarding your finances, and expanding your business. We provide various services, such as small business accounting, QuickBooks setup and maintenance, new business adviser, and business and financial advising services.

Examining the top CPA firms in Dallas on our list will make it easier for you to choose the Dallas accounting firm that best suits your business or personal accounting needs. HKA brings a proud record of excellent service and high achievement to bear on today’s challenges. As trusted independent consultants, experts, and advisors, we help clients manage disputes, risk, and uncertainty on complex contracts and challenging projects. HKA’s Forensic Accounting and Commercial Damages (FACD) experts have extensive experience advising clients on the accounting, economic, and financial impacts of complex matters. Its experts serve clients by analyzing issues related to various disputes, including breach of contract, intellectual property, shareholder, mergers, and acquisitions. Additionally, they undertake fraud, forensic, and regulatory investigations.

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Paying Gift Tax May Be a Good Thing

At Marcum, we combine the resources and technology to deliver the best of both worlds for our clients and employees. For over 30 years, we have provided financial and operational know-how to organizations who are committed to making the world a better place. Marcum understands the unique challenges colleges, universities and academic medical centers are under to improve operations and performance. Our professionals have been working with government contractors for over 40 years. The food and beverage industry is experiencing opportunities and challenges like never before.

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HKA announces new Chief Financial Officer, Lydia Brown

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