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Articles with the keyword "public company"

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Internal Audit's Say on Pay

From CFO.com.Plenty of groups are looking harder at executive compensation. Is your internal audit department one of them?There's no question that executive compensation has come under the microscope recently. Since December companies have been dealing with new Securities and Exchange…

More Shareholder Say on Auditors

From CFO.com.An unrelated regulation has prompted more companies to give their investors a vote on accounting firms.Shareholders have weighed in on companies' choices for outside accounting firms in higher numbers this year. The uptick comes after a Securities and Exchange…

Metra Hires Blackman Kallick to Assess Internal Controls and Management Practices

Blackman Kallick's Forensic & Litigation Practice has been hired by Metra to investigate and assess their internal controls and operating procedures following a financial scandal that resulted in the suicide of former Executive Director Phil Pagano. Below is an excerpt…

SEC Chief Accountant Says Convergence Need Not Be Completed by June 2011

From Journal of Accountancy.\While FASB and the IASB work to complete an unprecedented 11 standards over the next 14 months, SEC Chief Accountant James Kroeker told the JofA Tuesday that he would support the boards’ cutting the number of projects…

Efficiently Maintain SOX Compliance

From WebCPA.comWhile Congress and accountants continue to fight the Sarbanes-Oxley 404 requirements for small filers on what seems like an annual basis, those in the private sector continue to deploy SOX-related policies and procedures as best practices. This trend will…

Revenue Gets the Recognition it Deserves

Recently, the Financial Accounting Standards Board (FASB) finalized two new revenue recognition rules that affect companies. The rules are part of a broader effort by FASB and the International Accounting Standards Board (IASB) to clarify principles for recognizing revenue and…

Merger Mysteries

Accounting for business combinationsA weak economy has caused merger and acquisition activity to slow over the past two years, but business combinations may be on the verge of a comeback. If your company is contemplating M&A activity in the near…

Writing Off Goodwill

A weak economy makes unscheduled testing necessary. In today’s volatile economy, companies must pay close attention to goodwill impairment. Under current accounting rules, companies are required to test acquired goodwill for impairment annually. But unscheduled impairment tests may be necessary…

How Subsequent Events Affect Your Financial Statements

Financial statements provide a snapshot of your company’s financial condition on the balance sheet date. But in the real world, a company’s assets, liabilities and net worth are in a constant state of flux. What happens when, after your financial…

Recession Relief: Rounding Up Recent Tax Developments

In today’s difficult economic environment, managing cash flow and liquidity are keys to survival for many companies. Fortunately, the IRS and lawmakers have provided some assistance in the form of tax breaks. Some recent legislative and regulatory changes may provide…

Required Reading: How the SEC Proposes to Change Proxy Disclosure

The Securities and Exchange Commission (SEC) recently finalized new rules for proxy disclosure and solicitation enhancements that demand the attention of all public companies. These rules are intended to improve disclosures to shareholders in annual reports, proxy and information statements,…

Standards Issued for Financial Instruments in Public Sector

From WebCPA. The International Public Sector Accounting Standards Board has published three new standards that cover all aspects of the accounting for and disclosure of financial instruments in the public sector.International Public Sector Accounting Standard 28, “Financial Instruments: Presentation”; IPSAS…

ERM Helps Companies Strike the Right Risk/Reward Balance

Enterprise risk management (ERM) has been talked about for years, but hasn’t received a lot of attention outside the financial service sector. However, it now appears to be more than a passing fad. Last year, Standard & Poor’s announced it…

Uncertain Times Demand Flexible Forecasts

The credit crisis, volatile markets and uncertain prices for supplies and raw materials are making it extremely difficult for companies to forecast financials. In a recent CFO magazine survey, 70% of respondents said they couldn’t forecast more than one quarter…

Beyond the Financial Statement

Most companies focus their Sarbanes-Oxley Act (SOX) compliance efforts on Section 302, which requires CEOs and CFOs to certify the accuracy of financial statements, and Section 404, which requires management to annually evaluate the effectiveness of internal controls over financial…

Get Ready—Here Comes IFRS

In November 2008, the SEC published its proposed “road map” for the transition to International Financial Reporting Standards (IFRS), with the goal of moving accounting principles generally accepted in the United States (GAAP) to IFRS over the next six to…

Is Your Company Getting the Research Credit It Deserves?

Last October’s Emergency Economic Stabilization Act (EESA) extended the federal research tax credit for the 13th time since the credit was originally enacted in 1981. It expired at the end of 2007, but EESA revived it for 2008 and 2009.…

Watch Out for Transfer Pricing Tax Rules

Does your company do business with an international parent, subsidiary or other related company? Then pay close attention to transfer pricing. Failing to comply with regulations, including new transfer pricing rules on intercompany services, may put your company at risk…

Prepare Now for the Implementation of International Accounting Standards

For years, participants in the international capital markets have been pushing for a single set of high-quality, globally accepted accounting standards. Their efforts have panned out as International Financial Reporting Standards (IFRS), issued by the London-based International Accounting Standards Board…

Principles-Based Standards: Substance Over Form

As U.S. companies gear up to comply with International Financial Reporting Standards (IFRS), both the U.S. Securities and Exchange Commission (SEC) and Financial Accounting Standards Board (FASB) recognize the need to move toward principles-based standards. These standards address many of…

Your Audit Committee’s Changing Role

In the last few years, the role of the audit committee has changed dramatically. Traditionally, committees have overseen the financial reporting process including advising management and external auditors and reporting to the board of directors.In the wake of this decade's…

New and Timely Guidance on FAS 157

Few pronouncements from the Financial Accounting Standards Board (FASB) have been as controversial as Statement of Financial Accounting Standards No. 157 (FAS 157), "Fair Value Measurements." Some critics blame FAS 157, at least in part, for the country's current financial…

The Foreign Language of Fraud: U.S. Companies Are Especially Vulnerable in China

If your company has Chinese operations or plans to start doing business in China, you face many challenges—not the least of which is fraud. Language and cultural barriers, geographic distance and rudimentary government regulations mean that Western companies often fall…

Has Your Mutual Insurance Company Gone Public? You Could Get a Tax Refund on Stock Gains

Mutual life insurance companies are owned solely by their policyholders, who have similar rights—other than the ability to sell the stock—to stockholders in a publicly traded company. Since the mid-1990s, many mutual insurance companies have been undergoing demutualization, a process…


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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.