Author Archive | Jack Ciesielski

Volume 25, No. 6

S&P 500: Untaxed Foreign Earnings in 2015 Kept Growing:   Untaxed foreign earnings are full of paradoxes. A single untaxed dollar is worth more to net income than one-and-a-half times a dollar that’s taxed. They can be a tremendous source of earnings power for a company, yet for all of their importance to earnings and their…

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Volume 25, No. 5

Wonder Bread: Non-GAAP Earnings Keep Rising In The S&P 500, Part II: This time, it’s a “why” recipe, not to be confused with a “rye” recipe. In our previous study, the focus was on the dollar amount of adjustments made to GAAP net income. In this report, we look at the frequency of adjustments and…

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Volume 25, No. 4

Wonder Bread: Non-GAAP Earnings Keep Rising in the S&P 500: And it’s a lot of dough; you’d think investors would be full by now. They’ve long made adjustments to earnings because generally accepted accounting principles give firms accounting choices leading to differences in reported income between two companies, even on a full-GAAP basis. Investors and…

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Volume 25, Bulletin 2

Finally! FASB Finishes Lease Accounting Marathon, Starts Implementation “Sprint” :  Almost a decade after adding lease accounting revisions to its agenda, the FASB released the final standard on February 25, 2016. Originally intended to be a “converged” standard with the IASB, the two standard setters have issued separate standards that overlap in some regards. The new…

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Volume 25, No. 3

“Let’s Get Ready to … Reeead!” A Guide to What Matters in the 2015 10-Ks:  There’s a twilight zone in late February and early March, neither winter nor spring. It’s 10-K and annual report season – the time of year when investors put aside working on their personal tax returns (a completely different season) and…

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Volume 25, No. 2

Where FASB Has Been – And Where It’s Going in 2016:  Investors look to the FASB and its overseer, the SEC, for the establishment of accounting standards that should present outsiders with the economic reality within investee companies. The key word is “standards:” according to the Merriam-Webster dictionary, “something set up and established by authority…

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Volume 25, No. 1

Looking Back: What Happened in Business and Accounting in 2015:  We’re told that if we don’t learn from history, we’re condemned to repeat it. The sad truth is that we’re often so busy trying to make history – whether world-changing history or just personal history – we rarely sit down long enough to study history…

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Volume 25, Bulletin 1

New FASB Standard Brings Reporting Chnages to Financial Assets and Liabilities:   Changes in classification and measurement won’t occur until fiscal years beginning after December 15, 2017. That makes March, 2018 10-Qs the first time the new classification and measurement regime will show in the financial statements of December year end companies in its entirety. The…

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Volume 24, No. 13

What Keeps the SEC Busy – 2016:  The American Institute of Certified Public Accountants held its annual “Current SEC & PCAOB Developments Conference” in Washington, DC last week. Speakers came from all of the major accounting agencies or standard-setters: the SEC, the PCAOB, the FASB, and the IASB. The iconic event is also the most…

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Volume 24, No. 12

Materiality Matters:  The FASB has issued two exposure drafts for comment, and they seem aimed squarely in the interest of just one constituent of the standard setting body: the preparer community. One proposal amends a FASB Concept Statement, which is a non-authoritative, cohesive framework which it tries to blend into its new authoritative standards. The…

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