Are You Prepared For The Fiscal Cliff?

| Alerding Alerts

“Fiscal Cliff” refers to anticipated tax increases and cuts in government spending that will occur at the beginning of 2013 when the terms of the “Budget Control Act of 2011” are scheduled to go into effect. Unless Congress acts, these changes in tax law will impact virtually everyone. Major components of this “cliff” are the expiration of the Bush-era tax cuts, as well as the expiration of the decrease in FICA withholding for employees. What does this mean to you? Expiration of Bush Read more [...]

Pessimism and the Press

| Business Miscellaneous

By Mike Alerding     I am an accountant. There, I said it, I am an accountant. Accordingly, I have a natural inclination to pay attention to numbers when I read reports in the paper (yes, I still read the written word each morning religiously – I still believe it is good to "feel" what you read) and online. I can’t help it. I am drawn to numerical values and conclusions and find myself questioning oddities and wondering why. Why, for example, does the press in this country find ways to make Read more [...]

IFRS and GAAP Convergence – A Case for Technical Isolationism

| Audit and Accounting

By Mike Alerding     The freight train running down the tracks at breakneck speed called "IFRS/GAAP Convergence," is headed for a tragic and regrettable collision with reality and common sense. Creditors, investors and stockholders are all giving a hearty thumbs-up to convergence under the mistaken premise that the grass is actually greener on the world stage. These so-called "users" in the U.S. are hiding behind the same curtain that hid the Wizard of Oz and, through their silence, are condoning Read more [...]