At the close of August 2014, $1.1 trillion passed through American hands in M&A deals, while the global tally was $2.4 trillion. Those totals mark the highest year-to-date volume since 2007. While that’s great for the industry, not all these deals ended happily. When anticipated value doesn’t materialize after the deal is done, disputes can arise, usually involving future payouts related to performance. While these disputes normally go before a judge experienced in such matters, some transaction agreements require the matter be heard by an accounting expert. The idea behind this change is that a neutral accountant will have…
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In a recent Grant Thornton survey, more than two thirds (69 percent) of internal audit professionals say they’d love to focus on strategic risks, but regulatory compliance duties and the rising costs they incur are getting in the way. An additional 36 percent said these obstacles prevent resources from being allocated to higher-value priorities. Since almost the beginning of the recent financial global crisis, many industries have seen a sharp rise in regulatory control in an attempt to prevent the possibility of a future crisis. Auditors are saying that the regulators are defeating their own purpose by overburdening them and…
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More Detail on Obligations Included in Minimum Lease Payments Required Under ASC 840 Grant Thornton’s On the Horizon web publication explains that leasing agreements vary in their specific accounting requirements when it comes to assessing — and retiring the value of — leases. Here’s more:
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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 discontinued operations and that the American Institute of CPAs (AICPA) has released its guide on not-for-profit entities.
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The FASB and IASB Don’t Seem to Be Open to Reconsidering Basic Assumptions Behind the “Right-of-Use” Asset. Here’s Why They Should. The attempt to find a single lease accounting model based on recognition of a right-of-use asset has faltered, assert two professionals in Grant Thornton LLP’s National Professional Standards Group. In a new white paper, they suggest a control-based model as an alternative:
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Implications of the SEC IFRS Work Plan for Private and Public Issuers; How Slow Adoption May Rewrite GAAP Grant Thornton Audit Services has published a 16-page report providing background and context on IFRS in the United States. The report explores how market forces press the issue, cover SEC final report highlights and reaction to the report, summarizes how some companies are preparing for IFRS today, and offers a set of action steps required to put together a logical, cost-efficient readiness plan:
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IFRS News Offers Summary of Significant Developments in International Financial Reporting Standards (IFRS) Grant Thornton’s IFRS team publishes a quarterly update on developments in the international accounting arena: