Archive | 2014 Reports

2014 Reports

Volume 23, No. 13

What Keeps The SEC Busy - 2015: 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

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Volume 23, No. 12

The SEC Gets Reflective On Whether Disclosures Are Effective:  There’s a long heritage of reviewing the financial statement package at the SEC and it goes something like this: when there’s relative calm in the standard-setting arena, it’s a good time

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Volume 23, No. 11

Non-GAAP Earnings: How They Have Grown:  Non-GAAP earnings are a double-edged sword. When they cut on the good side, they scrape away the one-time events obscuring a firm’s operating performance: items like asset write-downs and restructuring charges provide much information

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Volume 23, No. 10

Revenue Recognition: How It Will Change For Three Key Sectors:  “Predicting is hard, especially about the future.”

 Yogi Berra may have said it first, but he’s right: predicting the future is hard. Ask anyone who works on Wall Street for

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Volume 23, No. 9

S&P 500 Executive Pay In 2013: How It Matters To Shareholders:  When it comes to executive compensation, there’s plenty of data available to investors. It’s not the most complete data in the world, because the SEC-mandated proxy disclosures pertain to

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Volume 23, No. 8

A Better Way to Evaluate Executive Pay: The investing world holds conflicting views on executive compensation, when the subject is considered at all. Executive pay doesn’t explicitly enter into the calculation of earnings per share, whether it’s an original recipe

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Volume 23, No. 7

The New Operating System For Revenue Recognition:  Like an operating system runs a computer, so revenue makes a company go. Nothing happens until somebody sells something, and now there will be a new operating system for reporting revenue.

 Make no

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Volume 23, No. 6

Follow The Cash:  S&P 500 Offshore Balances:  Two trends have been widely observed over the past few years: the mounting cash balances on corporate balance sheets, and the untaxed foreign earnings phenomenon. Those trends are related. It’s easy for corporate

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Volume 23, No. 5

S&P 500 Pension Plans:  How Solid Is The Pension Promise?:  To sum up defined benefit pension plans in one sentence: they’re complex, with plenty of information to evaluate, and they bear implications for earnings and cash flow that don’t always

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Volume 23, No. 4

2013 Untaxed Foreign Earnings In The S&P 500:  Costless stock option compensation. Invisible derivatives assets and obligations. Lending to subprime borrowers, because real estate values never go down; besides, loans can always be packaged and securitized. The irrelevance of earnings

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