Senior Finance Executive with proven ability to evaluate, develop and implement policies and systems in strategic alignment with organizational objectives that have resulted in cost savings and improved efficiency for the operations.Proven ability in leading the successful implementation of new accounting standards under Canadian GAAP, U.S. GAAP, International Financial Reporting Standards (IFRS) by applying specialized analytical skills to ensure compliance in the areas of: • Financial and SEC reporting / Management Discussion and Analysis (MD&A) • Resolving complex accounting issues for non-routine transactions. • Internal financial controls / process improvements / SOX • Mergers and Acquisition (M&A) analysis / due diligence (buy and sell side) • Derivatives /other complex financial instruments • Consolidation and variable interest entities (VIEs) • Revenue recognition, Impairments of goodwill/ long-lived assets • Derivatives, hedge documentation, embedded derivatives and other off-balance sheet exposures. • Leases, Environmental liabilities, Restructuring, Stock-based compensation
Accounting and Auditing for Related Parties and Related Party Transactions – A Toolkit for Accountants and Auditors (prepared by the staff of the AICPA)
One of the more important and yet more difficult aspects of a financial statement audit is the identification of related parties and transactions with related parties. This aspect of the audit is important because of (1) the requirement under generally accepted accounting principles to disclose material related party transactions and certain control relationships, (2) the [...]
Blame it on the collapse of the Enron, Worldcom, the financial crisis or globalization. The Financial Accounting Standards Board (FASB) has been under pressure to come up with the globally improved financial reporting standards. Anyone following U.S. GAAP needs to track the overhaul of the International Financial Reporting Standards (IFRS) as it converges U.S. GAAP [...]
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FASB Issues Accounting Standards Update on Own-Share Lending Arrangements (ASU 2009-15)
October 17, 2009 No Comment
The FASB issued Accounting Standards Update (ASU) No. 2009-15, which codifies the consensus reached by the Emerging Issues Task Force (EITF) in June 2009 on Issue 09-1, Accounting for Own-Share Lending Arrangements in Contemplation of Convertible Debt Issuance or Other Financing. Corporate entities may enter into share lending arrangements in connection with a convertible debt [...]
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Off-balance-sheet arrangements are used by many financial and non-financial companies for a variety of reasons, including managing risk, reducing borrowing costs, and collaborating with other companies. The impact may reach beyond financial reporting to include current and future business ventures, financing, financial metrics, operations, stakeholder communications, internal controls, and IT systems. This edition of PwC’s [...]
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Quick Reference Guide to help you make the transition to the Codification
September 16, 2009 4 Comments
PwC has developed a Quick Reference Guide to help you make the transition to the Codification. This user-friendly Guide includes: • The structure of the Codification, including examples of the citation format • How new authoritative guidance will be released and incorporated into the Codification • Where to locate other PwC information and resources on [...]
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After the credit crisis, it seems that the regulators are now coming under fire. First, it was the SEC who was unable to detect anything for the Madoff’s US$50 billion scandal for which SEC’s role is unedr scrutiny. Now it is the Public Company Accounting Oversight Board (PCAOB), which oversees auditors of U.S.-traded companies. Bloomberg [...]
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The report that Markopolos sent to the SEC in 2005 making a strong case that Madoff’s fund could not be operating legally. Publish at Scribd or explore others: Business financial fraud
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Satyam letter from Mr. Ramalinga Raju to its board directors admitting fraud!
January 11, 2009 No Comment
Satyam Computer Services Ltd. will have to restate earnings after the company’s founder was arrested in India’s biggest corporate fraud investigation, executives said. The CEO’s admission last week that he’d fabricated $1 billion in cash and assets sparked a record plunge in the company’s shares that wiped out $2.2 billion of investor wealth. Interestingly, Satyam’s financials are [...]
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Highlights of the 2008 AICPA National Conference on Current SEC and PCAOB Developments
January 9, 2009 No Comment
Annually, the American Institute of Certified Public Accountants (AICPA) hosts a conference featuring speeches by, and question-and-answer sessions with, members of the SEC, PCAOB, FASB, IASB and professionals from various industries. The attached issue of Deloitte’s Heads Up extracts key insights from nearly 26 hours of material presented during this year’s AICPA National Conference on [...]
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The FASB concluded that it should defer the effective date of FAS 157 for one year for nonfinancial assets and nonfinancial liabilities that are recognized or disclosed at fair value in the financial statements on a nonrecurring basis. This delay is intended to provide the Board additional time to consider the effect of certain implementation [...]
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