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A recent study in The Journal of Financial Economics suggests that a compensation structure that relies on financial performance measures can be tied to incidences of fraud. Generally, the study concludes that individuals are more likely to engage in financial misstatements when the there is little downside and high upside. The implication is that this relationship can have …
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Permanent link to this article: https://betweenthenumbers.net/2013/05/7613/
A recent ruling in a New Jersey federal court will no doubt serve as a warning for litigants who decline to employ the services of an expert to establish reasonable royalties. In the matter of Unicom Monitoring, LLC (“Plaintiff”)v. Cencom, Inc. et al (Civil Action No. 06-1166 (MLC)), U.S. District Judge Mary L. Cooper granted …
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Permanent link to this article: https://betweenthenumbers.net/2013/05/no-expert-leads-to-no-damages/
The Bureau of Economic Analysis’ (BEA) report of Gross Domestic Product (“GDP”) is one of the most commonly used indicators of economic health. It measures the total value of all finished goods and services produced in the U.S. within a specified period (normally a year). In July that number is guaranteed to go up, yet …
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Permanent link to this article: https://betweenthenumbers.net/2013/05/re-writing-economic-history-with-a-substantive-change-to-the-gdp-formula/
Businessweek has released its current list of the top undergraduate business programs in the US. The top three placeholders held strong from their 2012 ranking: University of Notre Dame’s Mendoza College of Business University of Virginia’s McIntire School of Commerce Cornell University’s Dyson School of Applied Economics and Management The fourth and fifth place …
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Permanent link to this article: https://betweenthenumbers.net/2013/04/businessweek-publishes-its-list-of-top-undergraduate-business-schools/
In 2012, the Private Company Council (PCC) was formed to establish exceptions and modifications to U.S. GAAP appropriate for private companies. Such differences may include alternative recognition, measurement, disclosure, display, effective date, or transition guidance. Proposed differences for private companies must be agreed to by both the PCC and FASB and include a period for consideration of public comment …
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Permanent link to this article: https://betweenthenumbers.net/2013/04/gaap-exception-buffet-offer-for-private-companies/
There have been a number of cases in recent years regarding damages allegedly caused by negative online reviews. A dentist in New York is currently the target of a class action lawsuit regarding efforts to head off such issues. Stacy Makhnevich, DDS, allegedly had patients sign a form prior to treatment that they would not denigrate …
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Permanent link to this article: https://betweenthenumbers.net/2013/04/dentists-pre-treatment-non-disclosure-agreement-leads-to-class-action-lawsuit/
The IRS has released its annual list of the top 12 tax related schemes, described in detail here. In summary, the list includes the following warnings for taxpayers: Identity Theft Tax fraud related to identity theft is at the top of the list. For instance, a fraudster may use a legitimate taxpayer’s identity to fraudulently …
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Permanent link to this article: https://betweenthenumbers.net/2013/03/irs-warns-of-dirty-dozen-tax-schemes/
The far reaching implications of sequestration are affecting IRS whistleblower awards. The IRS website contains the following announcement: “Pursuant to the requirements of the Balanced Budget and Emergency Deficit Control Act of 1985, as amended, certain automatic reductions will take place as of March 1, 2013. These required reductions include a reduction to awards paid …
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Permanent link to this article: https://betweenthenumbers.net/2013/03/irs-cutting-whisteblower-awards/
The U.K. Competition Commission has released preliminary findings that conclude that the audit market is not serving shareholders, citing “the tendency for auditors to focus on satisfying management rather than shareholder needs”. Overall, the commission found fault with the lack of effective competition, noting that 67 percent of FTSE 100 companies and 52 percent of …
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Permanent link to this article: https://betweenthenumbers.net/2013/02/commission-reports-the-big-four-dont-provide-enough-competition-for-the-u-k/
The ongoing battle known as Louboutin v. Yves Saint Laurent (“YSL”) has been decided, with the Second Circuit rejecting what had previously been thought of as a bright line rule that a single color cannot be a fashion trademark and recognizing the trademarked red sole associated with Louboutin. The decision is nuanced however, as the Court ultimately …
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Permanent link to this article: https://betweenthenumbers.net/2013/02/louboutin-owns-red-on-the-bottom-but-not-on-the-top/
Apr 23
GAAP Exception Buffet Offer for Private Companies
April 23, 2013
In 2012, the Private Company Council (PCC) was formed to establish exceptions and modifications to U.S. GAAP appropriate for private companies. Such differences may include alternative recognition, measurement, disclosure, display, effective date, or transition guidance. Proposed differences for private companies must be agreed to by both the PCC and FASB and include a period for consideration of public comment …
Continue reading