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Alerding CPA Group

Information Overload in Financial Reporting for Closely Held Businesses – Part 3

| Audit and Accounting

By Mike Alerding     Over the years, closely held businesses have really received the short end of the stick when it came to compliance with accounting and reporting standards. Pronouncements have always started with the publicly held sector and trickled down to the closely held sector, even though many – if not most – of them either didn’t really apply or had diminimus value to the reader/users of the financial statements. The trickledown effect has been costly and continues to increase Read more [...]

Information Overload in Financial Reporting for Closely Held Businesses – Part 2

| Audit and Accounting

If a tree falls in the forest and no one hears it, did it really make a noise? By Mike Alerding     I have been reviewing, drafting and analyzing financial statements for closely held businesses for almost 40 years. I have had the opportunity to see basic financial statements and disclosure requirements change markedly, probably a half a dozen different times, usually as a result of some malady in the US economic markets. Beginning with the formation of the Financial Accounting Standards Board Read more [...]

Information Overload in Financial Reporting for Closely Held Businesses – Part 1

| Audit and Accounting

Let’s get back to keeping our eye on the ball... By Mike Alerding     In the spectrum of financial reporting for business entities, the past nine years are generally known as the “Post-Enron” period. The debacle that US businesses have had to endure during this period is not only unprecedented in terms of the number of new financial reporting rules but, more importantly, in terms of the complexity and absurdity of the types of disclosures that are now required. By any definition, it has Read more [...]

Proposed Change to Revenue Recognition Standards

| Audit and Accounting

By  Mike Alerding     Recently, we heard about the proposed changes to accounting for leases. These changes would have widespread effects on many company’s financial statements and how those financial statements are interpreted by banks. Another potential change could have similar effects. The International Accounting Standards Board (IASB) and the Financial Accounting Standard Board (FASB) have released a joint exposure draft on revenue recognition, particularly revenues relating to contracts Read more [...]

Where will all those audit committee members come from?

| Audit and Accounting

By Mike Alerding     The post-Enron environment has brought unprecedented changes to the world of audit committees, corporate governance and oversight of accounting and financial reporting all over the world. The impact of these changes can be felt and read about in almost every accounting and financial reporting periodical and the changes just keep on coming. Prior to 2002, the accounting and auditing profession evolved quite nicely as the concept of the audit committee caught hold in the U.S. Read more [...]

Another Significant Accounting and Reporting Change

| Audit and Accounting

By Mike Alerding     Banks and other commercial lenders are bracing for yet another significant accounting and reporting change that will affect virtually all of their commercial loan customers.  Proposed changes in operating lease accounting will have profound economic, banking and accounting effects on U.S. businesses. writing college essays for money The International Accounting Standards Board (IASB), which currently sets accounting rules for foreign companies, is working with the Financial Read more [...]