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 [...]