Categories » Accounting

• The accountant, the stripper and the $33 million Ponzi scheme

  Celeb accountant Kenneth Starr’s clients included Uma Thurman, Sylvester Stallone and Carly Simon. But after resisting the high-spending lifestyle for years, he “lost his moral compass” in 2005 – in part, says the judge, because of his infatuation with a former stripper more than 30 years his junior.

  Be the first to comment | March 2011

• IMMFA funds on the paper trail

  A report commissioned by the Institutional Money Market Funds Association (IMMFA) should prove interesting reading for corporate treasurers who are looking to raise short-term finance - but only...

  4 Comments | February 2011

• IASB Management Commentary – reading between the line items

  A company’s annual report is the single most important document it publishes.  For listed companies, the announcement of the annual results – a brief press release and the financial statements – will get the media headlines and analysts will deliver an instant comment.  Investors in turn will give their verdict.  But for all companies, the annual report gives the opportunity to give further detail and to explain what the numbers really mean.  This is their opportunity to provide a narrative and describe how management views the business – in short, the management commentary.

  Be the first to comment | December 2010

• Unexpected cost of new hedge accounting rules

  The new exposure draft on hedge accounting published by the International Accounting Standards Board (IASB) on December 9 has raised hopes of a more practical treatment of derivatives hedging. While this appears to be the case, the new freedoms granted to corporate treasurers may come at an unexpected cost.

  Be the first to comment | December 2010

• Ernst & Young facing law suit over Lehman “house of cards”

  The accounting giant is accused of explicitly endorsing “a business model designed to hide billions in liabilities in the years before Lehman collapsed” and helping to “hide this crucial information from the investing public,” according to New York state attorney general Andrew Cuomo. Ernst & Young say “there is no factual or legal basis” for the claim.

  Be the first to comment | December 2010

• US private company accounting body to focus on lenders

  Private companies with US operations look set to have a rather unique set of accounting standards – quite separate from US GAAP for public companies. One of the biggest changes, highlighted this week by the panel overseeing the development of the new standards, is that the focus will shift to the informational needs of lenders, rather than equity investors.

  Be the first to comment | December 2010

• New Hedge Accounting Rules – At Last!

  The International Accounting Standards Board (IASB) has just (December 9) published for public comment an exposure draft (ED) on accounting for hedging activities. The draft proposes requirements that will enable companies to reflect their risk management activities better in their financial statements, and, in turn, help investors to understand the effect of those activities on future cash flows. The proposed model is principle-based, and will more closely align hedge accounting with risk management activities undertaken by companies when hedging their financial and non-financial risk exposures. The proposals also include enhanced presentation and new disclosure requirements.

  Be the first to comment | December 2010

• US GAAP, IFRS convergence slows

  US treasurers and finance executives are heaving a sigh of relief as the Financial Accounting Standards Board (FASB) announced that the route to convergence between US Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) will be a little slower than previously planned.

  Be the first to comment | November 2010

• IFRS consults on strategy review

  The Trustees of the IFRS Foundation have invited suggestions from interested parties on what it should be doing as the Foundation enters its second decade as the oversight body for the International Accounting Standards Board (IASB). The consultation follows on from the second five-year Constitution Review which was completed in January 2010.

  Be the first to comment | November 2010

• EBITDA

  EBITDA stands for Earnings Before Interest, Tax, Depreciation and Amortisation. It measures a company’s profitability by showing how much money the company has made before interest, taxes, depreciation and amortisation have been deducted.

  Be the first to comment | October 2010

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