Coping with the Consequences of COVID-19: Redoubling Attention to the Professional Standards
and The current novel coronavirus (COVID-19) epidemic is causing huge concern and disruption throughout the world, for obvious reasons, and the primary concerns for many must be personal safety, economic instability and financial devastation, and the urgent need for the development of solutions to the disease’s problems, primarily via treatments and inoculations. However, for most…
Read more
POSTED BY
Barry Jay Epstein, Ph.D., CPA
Preparing your Company for FRS115 (IFRS15)
The Accounting Standards Council issued FRS 115 (also known as IFRS 15) on 19 Nov 2014. FRS 115 is effective from annual periods beginning on or after 1 Jan 2018. Earlier application is permitted. Objectives of FRS 115 The objective of IFRS 15 is to set out standards for recognition and measurement of revenues in…
Read more POSTED BY
Barry Jay Epstein, Ph.D., CPA
Failed Corporate Governance: Handmaiden of Financial Fraud
Financial reporting frauds (also called management frauds) have become endemic, with huge losses being inflicted upon shareholders, creditors and others. Some of the most infamous frauds of the past two decades – Enron, WorldCom, Satyam, Olympus, Toshiba, and Parmalat being a small sample – have implicated the same key concerns. These include: the deviant “dark…
Read more POSTED BY
Barry Jay Epstein, Ph.D., CPA
Legal and Accounting Pitfalls For Buyers and Sellers
Earn-out agreements (“earn-outs”) are common features of business acquisitions, and indeed may be necessary in bringing a proposed transaction to fruition. Particularly when the sought-after price is predicated on the business’ very recent record of success, the buyer, naturally being less confident of the enterprise’s longer-term performance potential, may demand that a significant portion of…
Read more POSTED BY
Barry Jay Epstein, Ph.D., CPA
Canaries Gone AWOL: How Auditors Should Be Helping
During an out-of-court restructuring or a Chapter 11 bankruptcy[1] process, restructuring professionals do not uncommonly hear the statement (or think to themselves): “If only we could have gotten involved sooner.” Oftentimes, business managers that ignore warning signs of distress, apply short-term fixes, or delay restructurings only “dig a deeper hole,” destroying value for stakeholders and…
Read more POSTED BY
