GLG News by Utilities and Power Generation Industry: Financial Statement Analysts

Lease accounting can be understood in relatively simple terms, and can be very beneficial to both preparers and users of financial statements.  In the case of utilities, recording the leased asset as a component of rate base would allow them the opportunity to earn a return on this asset.

Jane J. Thompson, called prepaid cards and money center services “foundational products” and ““Our concept is to go up the credit ladder of financial services,” The new products, like the prepaid debit card, will be offered through third-party partners, allowing Wal-Mart to...

PCAOB’s chairman Mark Olson has said of SFAS No.159: "The increased use of fair value accounting poses a challenge for auditors and the PCAOB." Time is short as this SFAS goes into effect for most companies for financial years beginning after November 15, 2007, except for early adopters. The...

This article is based on “Control Overrides in Financial Statement Fraud” by Robert Tillman and Michael Indergaard of St. John’s University, available at http://www.theifp.org/research%20grants/tillman_final_report.pdf The study examines 834 companies that filed financial restatements between 1997 and...

Kenneth Wilcox, President of SVB Financial, believes that Sarbox has made the US economy less competitive. He disputes claims by a Big Four accounting firms that the costs are declining, with second year costs only 40% of the first year. In 2006 SVB paid over $20 million to the Big...

Ms. Orit Gadiesh, Chairman, and Mr. MacArthur, Director of The Global Private Equity Practice at Bain & Company, believe that private equity is becoming a benchmark of performance for CEOs and boards of directors. The authors offer the following reasons for the popularity of private...

In the months to come, the FASB and the IASB, its European counterpart, will release a draft on plans to revamp current financial statement disclosures. Two possible changes cited in the article are the disappearance of net income, and an asset presentation that no longer separates assets and liabilities....

“101 Mission Statements form Top Companies” by Jeffry Abrahams is the author’s on the great modern creation, the Mission Statement.The book itself has only eleven pages of original writing, then all collection of mission statements. The ones mentioned in the review, have little if any connection with...

On April 26, 2007 Kohlberg Kravis Roberts & Co. and Goldman Sachs Group agreed to buy Harman International for $7.8 billion in cash: $120 a share, a 17% premium. The wrinkle is that shareholders would be allowed to exchange their holding for shares in the new privately owned company....

  The Sarbanes-Oxley Act of 2002 passed all most unanimously and received a grudging acceptance from corporate America. This article contains and interview with Mr. Oxley. Section 404 of the Act and the rules promulgated by the Public Company Accounting Oversight Board (PCAOB) a private-sector,...