July 2013 archive

Court Concludes E-Mail Communication Indicates Binding Contract

E-Mails seem to be taking over as a primary source of communication.  They are a quick and efficient means of communication and many people are accessible via email no matter where they are (i.e. through their mobile/smart phones).  However, many probably do not think of e-mails as formal documents or binding contracts.  Shepard Davidson and …

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Permanent link to this article: https://betweenthenumbers.net/2013/07/court-concludes-e-mails-communication-indicates-binding-contract/

House Prohibits Mandatory Audit Firm Rotation

In 2011, the Public Company Accounting Oversight Board (“PCAOB”) issued a Concept Release on Auditor Independence and Audit Firm Rotation, seeking public comment on: “ways that auditor independence, objectivity and professional skepticism could be enhanced. One possible approach on which the Board is seeking comment is mandatory audit firm rotation.” Apparently, the House of Representatives had a …

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Permanent link to this article: https://betweenthenumbers.net/2013/07/house-prohibits-mandatory-audit-firm-rotation/

Lost Earnings Claim Getting Way More Press Than it Deserves

Based on the sheer volume of headlines in the media, one might think that this lost earnings claim either has some extraordinary circumstances and/or involves a celebrity.  However, it appears that neither of those are true.  From a legal and economic damages standpoint, the alleged wrongful termination and gender discrimination claims are routine.  So, why …

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Permanent link to this article: https://betweenthenumbers.net/2013/07/lost-earnings-claim-getting-way-more-press-than-it-deserves/

FASB Stepping in on Going Concern Assessments and Disclosure

The Financial Accounting Standards Board (“FASB”) recently issued a proposal to improve practices surrounding the responsibility for assessing and reporting whether an entity is a “going concern”.  Financial statements prepared in accordance with Generally Accepted Accounting Principles (“GAAP”)  have an inherent presumption that the entity is able to continue with its operations, realizing its assets and honoring its …

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Permanent link to this article: https://betweenthenumbers.net/2013/07/fasb-stepping-in-on-going-concern-assessments-and-disclosure/