Financial Reporting

By Bryan Derman It seems like it’s been a month now that we at Glenbrook – and people all around the payments business – have been holding our collective breath waiting to see what level of purchase volumes would be reported by MasterCard and Visa for Q4 2008. Well, the results came in the last […]

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At BI for Business People Tom Hudock describes my Internet dream: Here's an idea for those who can navigate Web 2.0, mashup, and BI. The SEC is requesting company filings via XBRL and making them freely available online.   What if BI was applied to analyze executive salaries across companies and industries. Or compare financial costs […]

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Not surprisingly, CFOs and finance executives are struggling to forecast revenue and profit in the midst of market uncertainty. CFO Magazine reports that companies are strengthening their scenario-planning, sensitivity analysis, and contingency planning capabilities and refreshing their plans more frequently. CFO.com forecast survey (November 2008): Source: CFO.com Read more here.

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A new study from Deloitte reveals that there is a high correlation between bankruptcy and fraud. With economic conditions likely to drive more companies to consider filing for bankruptcy protection, one potential concern is whether the greater scrutiny that generally results, could lead to claims of fraud against the company and its executives. “In the […]

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The US and International Accounting standards boards are convening an advisory group to address issues stemming from the credit crisis – starting with fair-value rules. [via CFO.com – emphasis mine] While central bankers and G7 leaders work to form panels to respond to the global banking crisis, accounting standard-setters are doing their part to do […]

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Attention Excel users! A couple related articles from CFO.com on spreadsheet worst practices and how to fix them. The first article generated so many emails that they published a follow up with even more tips. Spreadsheet "Worst Practices" Here's how finance executives abuse the most-useful of computer programs — and how to do better. Shahid […]

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Are CFOs ready for the spotlight? According to CFO.com research from Greenwich Associates reveals that for the first time an annual survey of Wall Street equity analysts ranked the credibility of a company's finance chief as more important to the overall IR effort than that of the chief executive. But it was the endorsement of […]

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One of the key success factors in introducing wide scale change is to involve impacted stakeholders early and often. Open discussion of challenges and obstacles fosters collaboration to resolve issues. The SEC is welcoming criticism from financial managers which bodes well for it's XBRL effort. [excerpted from CFO.com] The commission hopes to use such feedback […]

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XBRL Tools

by Erin McCune on January 23, 2008

in Financial Reporting

The latest Treasury & Risk has a brief write up on two new XBRL tools from Enterprise Engineering, Inc. The first facilitates sharing information within an enterprise and with external parties (it maps data stored in separate systems and proprietary formats into XBRL so that it is easy to share for reporting and analysis). But […]

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As a follow up to my recent post on U.S. GAAP vs. International accounting standards, I discovered a helpful article by the folks at Fulcrum Inquiry. They've done a great job of highlighting the key differences between the two standards: The following chart summarizes some of the more important remaining differences between the two standards. […]

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GAPP vs. IFRS

by Erin McCune on December 17, 2007

in Financial Reporting

It's not surprising that larger companies are in favor of moving more quickly to international financial reporting standards (IFRS) than smaller companies. More than 100 countries already use IFRS and the SEC is debating whether to stick with the status quo or abandom US GAAP in favor of the international accounting standard. Last week a […]

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The SEC has completed the development of data tags for GAAP, a major milestone in moving financial reporting toward interactive XBRL format.  The taxonomy includes 12,000 different data elements. The SEC will now focus on developing recommendations as to when use of the new format will be mandated, although a recommendation is not expected until […]

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Knowledge@Wharton weighs in on the ongoing discussions to soften the impact of Sarbanes-Oxley, particularly the onerous demands of section 404. The article summarizes arguments in favor of and against SOX and concludes as follows: For all the talk about protecting investor rights, some officials wonder how much attention investors are really paying to the issues. […]

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The SEC's internative data pilot is gaining traction – particularly after the Roundtable on March 19th. The new interactive platform, based on XBRL formatted filings from 36 companies participating in the pilot, is designed to replace the 20 year old Edgar database of SEC filings. In the four months of the pilot over 10,000 visits […]

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CFO.com reports that a diverse group of institutional investors, government treasurers and controllers, and corporations is calling for federal legislation and SEC clarification to help address global warming. Excerpt from story at CFO.com: "Global warming presents enormous risks and opportunities for U.S. businesses and investors," said Fred R. Buenrostro, chief executive officer of Calpers, in […]

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