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QFINANCE Blog Category: Accounting

  1. Finance Blogger: Anthony Harrington

    Singapore—The fastest growing economy in the world?

    While the eurozone waits for the other sovereign debt shoe to drop and US commentators fret over a possible double dip recession, Singapore has revised its growth estimates for 2010 sharply up from its original estimates of seven to nine percent. It now anticipates growth of 13-15% for the year, putting it on track for the title of the world’s fastest growing economy—never mind Asia’s fastest growing economy...

  2. Finance Blogger: John Grange

    Guest blog: Managing your business finances

    Managing your business finances is an essential part of running your business. While a business can survive for a short time without sales or profits, without cash it will die. Poor cash flow management is one of the most common reasons why businesses fail.

  3. Finance Blogger: Ian Fraser

    FSA challenges audit profession to sharpen up its act

    Do auditors tend to be so close to the management of the companies whose financial results they’re supposed to be auditing that they are predisposed to take whatever they’re told by their paymasters at face value? And if auditors are failing adequately to challenge management on book-keeping and audit methodology, what is the value of the audit reports they produce?

  4. Finance Blogger: QFINANCE Editor

    Ask the Expert: New query on the SOX process & related SEC guidance answered

    Where does one look to find out whether or not a company is complying with the SOX process? A detailed and practical response to the question has been provided by David Doney.

  5. Finance Blogger: Anthony Harrington

    IAS 19 redraft—Tolling the bell on final salary pensions?

    One of the truly weird things about the accounting standard setting process is that with nothing but the deepest respect for God, truth, and the Anglo-Saxon way, successive standards bodies have managed to drive a stake through the heart of UK final salary pension schemes—and, by extension, they’ve killed them off for every other country around the world as well. What the hell was wrong with final salary schemes? They were great!...

  6. Finance Blogger: Anthony Harrington

    US and international accounting standard setters rekindle their vows

    On June 2, the US Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) agreed to sharpen up their efforts to achieve convergence between international accounting standards and US GAAP (generally agreed accounting principles). This follows an earlier announcement back in November 2009 where the two bodies reaffirmed their commitment to convergence by June 2011...

  7. Finance Blogger: Anthony Harrington

    VCT funding for small companies—Will the elections kill a good idea?

    A parliamentary election often generates something of an ideas frenzy and with an incoming government potentially set to either change course on what it was doing before, or to take an axe to the other side’s way of doing things, it is an important time for all kinds of bodies to say, “Hey, look at what we do, and don’t spoil it!” Venture Capital Trusts (VCTs) were a “bright new idea” in the UK back in 1995, providing tax relief for investment…

  8. Finance Blogger: Anthony Harrington

    Lehman Bros: Just an accounting gimmick?

    Imagine you owe a large amount of money to half a dozen creditors and that you need them to think well of you so that you can continue to borrow from them in order to ply your trade, which, by the way, is your only hope of earning sufficient money to pay off your creditors. Now imagine that these creditors have a definite view of what constitutes a tolerable amount of debt that a serious debtor to them might carry, and what constitutes either an intolerable…

  9. Finance Blogger: Anthony Harrington

    Lehman Bros: The auditor’s dilemma, part 1

    According to Anton Valukas, the examiner appointed to look into the demise of Lehman Brothers, there are “colourable” claims against Lehman’s auditors, Ernst & Young, for allowing the company to “window dress” its accounts using a technique that removed over $50 billion in leveraged debt off Lehmans’ balance sheet for just long enough for it to present its quarter end accounts—a trick it pulled off at least three times in the period before its abrupt demise…

  10. Finance Blogger: Ian Fraser

    Lehman Bros: Time for Sarbox to be rethought post-Valukas

    The time bombs detonated by the court-appointed examiner’s report into the collapse of Lehman Brothers have by no means all gone off. Indeed, further explosions are expected to continue to reverberate and echo around the financial and regulatory landscape for some years to come. The report—a 2,200-page, nine-volume page-turner written by lawyer Anton Valukas—revealed that the failed investment bank continuously manipulated its accounts…

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