Insights from Global Wealth Consultants: February 2012

by Mark Matos 27. February 2012 10:00
  Dear Readers,  The most recent edition of Market Update from Global Wealth Consultants is available in its entirety on Urish Popeck’s web site. As with each Market Update, this edition includes facts, opinions, insights and findings on a variety factors impacting investment performance and our day to day lives. In this edition you will find the latest trends in innovation, geopolitics,  macro and microeconomics, and other domestic and international issues. I hope you will enjoy reading it as much as I enjoyed researching and writing it. Comments are welcome!   Best Regards, Mark Matos  
Categories: Advisory

What’s Next – New Standards for Private Companies

by Laura Lewis 12. July 2011 15:58
Financial Accounting Standards Board (FASB) has identified several factors that indicate major differences in the financial reporting needs of public companies versus private companies or governmental entities. This is an initial assessment that comes from comments over two years from dozens of interested stakeholders gathered by the Board. From these differences, FASB will be able to establish a “differential framework” that will be used in determining if different financial standards will be created to apply to private companies. The framework will be used by the Board to decide when and how to modify specific U.S. GAAP accounting standards for private company use. “This work is an important step forward in the FASB’s effort to develop a set of criteria for evaluating when accounting or disclosure standards should be different for private companies,” said FASB Chairman Leslie F. Seidman. “This process demon­strates our commitment to better serving the needs of without sacrificing the quality and fundamental level of comparabil­ity that are the touchstones of the U.S. accounting system and U.S. capital markets.” The significant differences include: the types of users, access to management, investment strategies, ownership structures, accounting resources and education. What’s next? FASB will continue to solicit input from those using, preparing and auditing financial statements of public companies. In addition, the board will expose a draft of the proposed differential framework for industry feedback.
Categories: Assurance