GLG News by State and Local Tax Specialists

Accounting rules are being blamed for causing the decline in the  global economy, the rising jobless figures and all other multifarious ills which are gripping the financial sector and capital markets. In the midst we now have a proposal that financial solvency for banks should not be measured...

We are told not to expect Bretton Woods II on November 15, 2008 when the global financial summit takes place. But then are we expected to see no change in the present global economic turmoil. In this analysis I state what I expect to happen on the global financial scene.

We live in a interesting recessionary world. The global economy is retracting and the search is on to find the culprit. The US President Elect says that tackling the economic crisis is his top priority. Central Banks and  World leaders across the globe are echoing the same tune. But no one knows...

Going concern has since as far as I can remember been a fundamental accounting assumption and has been codified in general technical literature, International Standards, FASB standards, Indian standards and generally been accepted globally. The exact methodology to arrive at a conclusion of going concern...

As the global financial meltdown continues, we hear more and more about  the role of Central Banks, Pension Funds, Accountants and a host of other players. We are also hearing a lot of talk of  accounting rules being responsible for the global financial crisis. In this analysis I  argue...

Over the last few weeks the sky has fallen and the latest cover of the Economist has the heading "Saving the system - The Panic, The Rescues and a Special Report on the World Economy".  Different newspapers are covered with details of virtual nationalizations, lost bank confidence and the list...

The clarion call today is for coordinated global action to surmount the global credit and liquidity problem. It does not appear to be leading anywhere. While the initial epicenter was located in the United States it has now spread to other areas of the globe and in my opinion the epicenter now extends...

As I  write this article the Senate has passed the $700bn bailout package. There is also general  unanimity to increase the limit upto which bank deposits are insured upto $250000. Yet all this only reflects the effect of  politics on the economy. There is also pressure to allow banks...

The  present  banking crisis provides an opportunity for  the  Bretton Woods twins and  especially  the  IMF  to  prove their relevance in the 21st century. The past few years had seen the eclipse of  these  two institutions with reduced relevance....

When the going gets tough deflect the blame. That's an age old tactic. The banks and the global financial system are in a mess. The mess has been created by "easy credit" and  now the bankers want to blame accounting rules and the concept of  fair value. This is like going back a 100 years...