A.E. Feldman Blog

Challenging financial times call for inspirational financial executives. Exactly what companies are looking for may depend on how the crisis is affecting them. One thing, however, has become clear: CFOs will be leaders in driving and implementing the strategies stemming from the economic turmoil, according to CFO.com. In a recent interview, Starwood CFO Vasant Prabhu [...]

The Financial Accounting Standards Board (FASB) recently announced it voted to adopt two rules that could force companies to book trillions of dollars worth of troubled assets and raise more capital to offset risks. The changes affect two rules known as FAS 140, Transfers of Assets, and FIN 46(R), Consolidation of Variable Interest Entities.
Under the [...]

U.S. companies lose 7% of annual revenue to fraud, that’s roughly $994 billion, according to the Association of Certified Fraud Examiners. The group also notes that financial services is the most commonly victimized industry. Today, the global financial crisis and recession are causing a significant increase in fraud. As a result, forensic accountants have been [...]

President Barack Obama recently sent the corporate tax community reeling with a radical set of plans to change the U.S. tax code. Obama’s aim is to shrink a “tax gap” the IRS estimates may be as high as $345 billion by restricting or closing several widely used tax loopholes. One routinely used tactic not tackled [...]

General Motors reported that top executives sold all their shares in the automaker, according to Reuters. The move is further evidence that GM will likely file for bankruptcy. Reuters states that Vice Chairman Bob Lutz sold $130,989 worth of GM stock. That sale of the 81,360 shares cleared out all of Lutz’s direct holdings of [...]

Small and midsized accounting firms are merging with firms of equal or greater size. It’s a trend that is expected to hit even higher numbers this year, according to WebCPA. A growing number of midsized firms are absorbing a number of small practices. Meanwhile, smaller firms, including one to ten person firms, are also merging [...]

President Obama has plans to shrink a “tax gap” the IRS estimates may be as high as $345 billion. Obama proposed Monday to raise taxes on the overseas profits of U.S. companies and to go after evaders who abuse offshore tax shelters, according to the AP. The report states that under his plan, companies would [...]

As of Sunday, WHO confirmed 898 cases of swine flu – also known as influenza A (H1N1) - reported in 18 countries. Among the latest developments, health officials in Hong Kong say they have found the first case of swine flu in the country, according to Gerard Group International (GGi). The H1N1 virus was detected [...]

General Growth Properties Inc. recently filed the biggest real estate bankruptcy in U.S. history after amassing $27 billion in debt during an acquisition spree, according to Bloomberg. The report states the owner of Boston’s Faneuil Hall and the South Street Seaport in New York City has ended its seven-month effort to refinance its debt. The [...]

The recession may lead to a surge in e-crime. Recent research conducted by KPMG shows that fraud committed by managers, employees, and customers tripled last year compared to the year before. KPMG also found that companies foresee an increase in the number of employees and IT professionals who are willing to steal data or sell [...]