Finance That Matters Summer 2015 New Consolidation Standard and the Investment Company Industry [author-style]By Frank R. Boutillette – CPA/ABV, CGMA, Partner[/author-style] The standard should be read carefully in determining whether the reporting entity should consolidate the limited partnership. In February 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-02, Consolidation –…
In 2013, the U.S. Office of Management and Budget (OMB) consolidated eight of its existing circulars (A-21, A-50, A-87, A-89, A-102, A-110, A-122 and A-133) into one document, which is titled, 2 CRF Part 200 Uniform Administrative Requirements, Cost Principles and Audit Requirements for Federal Awards. This new document is commonly referred to as the…
Is the Financial System Better Off? By: Anthony DiLorenzo, M.S. Staff Accountant – WithumSmith+Brown, PC The Financial crisis of 2008 – 2009 is now almost 8 years removed, but the question of how prepared The United States is for another crisis is still subject to much debate. Looking back at the bailouts of the “to…
There are many complexities in applying the Market Approach to value. It is important to understand these complexities in order to apply the approach effectively. Under the Market Approach, data from the sales of companies in the same or similar line of business is utilized to derive valuation multiples (e.g. price to EBIDTA or price…
Clinton Foundation Allegedly Failed to Report Foreign-Sourced Contributions The Clinton Foundation has recently been in the news for allegedly failing to report foreign-sourced contributions on its annual Federal Form 990, Return of Organization Exempt From Income Tax, dating back to 2010. In a May 19, 2015 letter to Internal Revenue Service (“IRS”) Commissioner John Koskinen,…
How Do I Learn To Be a Better Entrepreneur? “God grant me the serenity to accept the things I cannot change, The courage to change the things I can And the wisdom to know the difference “ – The Serenity Prayer I have had the chance to reflect on some articles about a recent survey…
Update: Enhanced Disclosure Requirements for Insurance Companies Are you an insurance broker or agency? This update may affect you and your business. On May 21, 2015, Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-09 Financial Services – Insurance (Topic 944): Disclosures about Short-Term Contracts. The update applies to all insurance entities…
How many times have you heard, “So what’s the bottom line?” In the not-for-profit world, financial statements and financial outcomes are sometimes not easily understood by the average reader or potential donor. In recent years there has been significant discussion related to revamping the format of audited financial statements for not-for-profits (“NFPs”) in an attempt…
Caution – Those Equity Promises Can Really Hurt “Nudge, nudge, wink, wink; say no more, say no more” – from a skit by Monty Python’s Flying Circus My partner and I have been making the rounds in a series of Lunch & Learns at various co-working spaces around NYC. Our normal fare is to discuss…
Taryn Bostjancic, CPA, honored as one of the MCRCC Community Leaders of Distinction Taryn Bostjancic, CPA, partner with WithumSmith+Brown, was recently honored by the Middlesex County Regional Chamber of Commerce (MCRCC) as one of six outstanding Community Leaders of Distinction from the Central Jersey business community. Honorees are recognized for their remarkable achievements and dedication…