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Expert Analysis and Commentary |
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Center for Financial and Accounting Literacy
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Accountants and Consultants Raster Enterprises provides accounting, consulting and communications for the world's leading publishers and professional services firms.
PCAOB Seeks Comments on Expanded Auditor's Reporting Model Investors would gain greater insights into the views of independent auditors under a concept release proposed in June 2011 by the Public Company Accounting Oversight Board (PCAOB). Among other things, the PCAOB is suggesting that auditors provide a supplemental narrative report known as the Auditor's Discussion and Analysis (AD&A). The AD&A report would contain useful information about a public company's financial statements, such as management's judgments and estimates, accounting policies and practices, and difficult or contentious issues including those the PCAOB refers to as "close calls." For more information, read the PCAOB's Concept Release.
Investors Demand Straight Talk About Tax Risks in 2011 Straight talk about tax risks has been added to the list of investors' demands in today's uncertain tax environment. A handful of major companies recently faced high-profile demands for more information about their tax risks when a leading pension fund sought to place the matter on proxy statements for shareholder votes in 2011. The pension fund was concerned that it did not have sufficient information to assess whether lower-than-average effective tax rates would be sustainable in view of proposed legislation or mega-trends involving shifts in public policies and shortfalls in government financing. For highlights of the specific red flags that triggered the proposal and a list of questions for companies to consider in evaluating the risks and uncertainties, see Rosemary Schlank's article in the June 27th edition of Tax Notes.
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Rosemary Schlank President Raster Enterprises
A raster image is formed when bits of information are translated by a computer into pixels on the screen. This technique permits the expression of a wide range of colors and is especially helpful for realistic portrayals of situations with subtle shading. Call us when you are faced with a challenge that is not black or white and let us help bring the picture into focus.
Recent Articles by Rosemary Schlank
Court Ruling Probes PCAOB's Accountability
SEC Strikes the Right Tone on IFRS
Ready for FASB's Accounting Standards Codification?,
The Trusted Professional,
June 1, 2009
Improving Transparency in Turbulent Times
Disclosures and Audit Committees are Key in Turbulent Times
Financial Reporting in Turbulent Markets
New
Accounting for M&A Affects Earnings and Deals
XBRL: What Should Companies Do Now?
Financial Reporting Directions Drawn From the Top
Governance Issues of 2005
FASB Must Weigh
Costs and Benefits of Accounting Changes Expected in 2005
Changing Capital Markets - Risks for
the Information Age |
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