Book Review ...

Five key questions to determine whether it’s time to switch to a digital system At many firms, practice management software is often referred to as the “last frontier”, according to Matt Jagst, Director of Enterprise Product Management in the tax & accounting business of Thomson Reuters. Most firms manage to get by with outdated systems and processes. Switching to digital software that integrates time, ...

If IRS Imposes a Penalty, That Penalty Cannot be Negotiated as Part of a Settlement on Another Tax Matter  The Internal Revenue Service is opposed to negotiating penalties with noncompliant taxpayers, a stance that should benefit appraisers and tax advisors because individuals will be required to assume more responsibility for their deductions, Bloomberg BNA (subscription required) reported this month.   Ap ...

How to Work with Generation Y Lawrence Horwich explains what interests Gen-Y employees and how to create an environment within your firm to engage their interests. Find out more.   ...

A Calculation of Value is Not an Opinion or a Conclusion Dave Cooper and Bob Brackett answer common questions about standards and compare calculations of value to other services provided by valuators. Read more.   ...

Find Out the Specific Requirements a Valuation Needs to Include to Pass Muster with the SBA Matt Stelzman explains in The Chattanoogan that the Small Business Administration (SBA) has loans available that can help small businesses make it to profitability, self-sufficient revenue, or at least the next round of funding  —  but in every case these loans require independent valuations.   Here's more:  ...

Technology Has Automated Many Accounting Tasks and Lowered Margins on Traditional Core Services.  Here's How to Stay Ahead Dustin Lubertazzi opines at AccountingWeb on what accountants must do to stay competitive in the future, and how technology will change the future role of the accountant.  An excerpt:  ...

US Securities and Exchange Commission (SEC) is Aggressively Policing Fund Valuation Practices in the Hedge Fund Industry     Kris Devasabai at Risk.net reports that hedge funds, under pressure from regulators and investors, are establishing robust pricing policies for hard-to-value assets.  They are also hiring independent experts to price complex and illiquid assets as investors and regulators intensify th ...

 On the Horizon Offers Two Examples of Appropriate Ways to Apply FASB Guidance.  Plus: New Guidance on Reporting Discontinued Operations and Not-for-Profit Entities Grant Thornton recently published a useful article on applying the equity method in its On the Horizon web-based publication, which also notes that the Fair Accounting Standards Board (FASB) has suggested new guidelines for reporting discontinue ...

It’s Responsible and Efficient to Begin Appraisals by Granting Certain Assumptions and Respecting Precedent. Here’s Why. All kinds of news, findings, and rulings come out that might affect the work of financial consultants and appraisers every day. When can you know when a precedent is important or something you can ignore? Or, put another way: what information is most important to pay attention to? Rand Cu ...

Tricky Problems Must be Shaped Before they Can be Solved.  To Start That Process, and Stimulate Novel Thinking, Leaders Should Look Through Multiple Lenses  In the April 2013 edition of McKinsey Quarterly, Olivier Leclerc and Mihnea Moldoveanu outline an approach for taking a number of different approaches simultaneously to solving difficult problems. These involve flexible approaches using team expertise. ...

Held at the Hilton Hotel in Washington, DC, the Annual Consultants’ Conference Will Feature 57 Sessions Covering the Highest-Demand Specialty Areas in Financial Consulting  The National Association of Certified Valuators and Analysts (NACVA) and the Consultants’ Training Institute (CTI) will collaborate to host the 2013 Annual Consultants’ Conference, June 5–8, 2013, in Washington, DC.  Themed “Innovate. Co ...

Key Concern is that FASB and IASB Continue Work Towards Common Standard Frank Byrt at Accounting Web reports that The Financial Accounting Standards Board (FASB) voted March 28 to extend the comment deadline for its proposal to improve financial reporting on expected credit losses on loans and other financial assets held by banks, financial institutions, and other public and private organizations, as FASB a ...

A Quick Initial Assessment of an Appraisal Assignment Can Help Determine Which Approach and Which Tools to Use. Here’s Why That Matters. Appraisers have a large toolkit. When we pursue certifications, the tests we have to pass and our demonstration reports show that we know how to use tools properly, and certifications demonstrate our competency. In the real world, we are also in this profession to make a p ...

70 Percent of the Work Appraisers Did at Landsafe, Bank of America's Appraisal Division, Was Related to Soured Home Loans   Bank of America Corp.'s appraisal division LandSafe reduced about 5% of its work force, beginning Feb. 22, Bloomberg News, The Appraisal Institute, and Housing Wire reported.   LandSafe had more than 1,000 employees, the report said.  Hugh Son at Bloomberg explains a bit about the move ...

Tax Crackdown Comes as Use of Contract Workers Grows; Companies Find Rules Unclear Angus Loten and Emily Maltby at the Wall Street Journal report that some studies have shown that local businesses misclassify anywhere from 10% to more than 60% of their workers as independent contractors, and regulators are beginning to crack down in pursuit of more revenue.  An excerpt:  ...

Top 100 Firms in 2012 Also See Big Jump in Demand for Attest Services, Cash-Flow Forecasting and Management Accounting Today reports in its latest iteration of Top 100 Accounting Firms that the top two fastest-growing niches in accounting services are now international tax services and state and local tax services, edging out business valuation, last year's fastest-growing niche.   Danielle Lee reports (fre ...

Case Studies, Strategies for Detecting Fraud, and a Framework for Prevention Corporate governance legislation has become increasingly concerned with the ongoing resilience of organizations, and, particularly, with their ability to resist corporate fraud from the lowest levels to the upper echelons of corporate management. These titles offer both case studies on recent fraud cases as well as guidance for str ...

Difficulties Sometimes Complicate a Valuation Engagement. Here’s How to Anticipate and Derail Potential Disasters With Solid Upfront Client Conversations Conversations with clients are critical to ensure both owner and appraiser are in agreement about standards in a final report, the length of time the process will take, what the final report will look like, and how much it costs. In this second installment ...

Difficulties Sometimes Complicate a Valuation Engagement. Here’s How to Anticipate and Derail Potential Disasters With Solid, Upfront Client Conversations Conversations with clients, both current and prospective, are critically important to ensure both owner and appraiser are in agreement about what standards will be used to produce the final report, how long the process will take, and what it will ultimate ...