Jim Ulvog – Page 53 – Attestation Update

While on IFRS death watch, GOA calls subject of said watch a swindle

Even though there are no detectable signs of life and all visible conceptual support has evaporated, we still wait for IFRS to be declared officially dead. While on death watch, Grumpy Old Accountant Anthony Catanach ponders The Great IFRS Swindle: Accountants Scamming Accountants.

…

While on IFRS death watch, GOA calls subject of said watch a swindleRead More »

While on IFRS death watch, GOA calls subject of said watch a swindle Read More »

Reminders on Yellow Book audits

A Halloween costume that would make any CPA pass out from fright – an auditor performing one pension plan audit

Leave a Comment / Audits, Peer Review / Jim Ulvog

Amid the cute little kids in their funny costumes, this pleasant Halloween night there was a grown man in a suit at the door asking for candy. White shirt, red tie, gray pinstripe.

Not so scary, thought I.

“What are you dressed up as?”

“An auditor,” came the reply.

That’s not frightening, since I’ve been an auditor for a long time. But it did explain the standard issue uniform.

So, putting on my peer reviewer hat, I asked, “what audit work do you do?”

“Oh, only one pension plan….

…

A Halloween costume that would make any CPA pass out from fright – an auditor performing one pension plan auditRead More »

A Halloween costume that would make any CPA pass out from fright – an auditor performing one pension plan audit Read More »

Is that $13B settlement with JP Morgan justice or a travesty?

2 Comments / Other stuff / Jim Ulvog

If J.P. Morgan pays out $13 billion to settle claims over residential securities as expected, is it reasonable justice or is it unjust?

There is a divergence of opinion on that question. This post will explore both schools of thought.

Two main issues

…

Is that $13B settlement with JP Morgan justice or a travesty?Read More »

Is that $13B settlement with JP Morgan justice or a travesty? Read More »

Background articles on 2 new sources of “small GAAP” – one is from PCC and one is called ‘FRF for SMEs’

Leave a Comment / Accounting / Jim Ulvog

Since I was in college, CPAs have been calling for an alternative to the full GAAP accounting model that can be used for small companies. So many have longed for ‘small GAAP.’

It is time to celebrate because the day has finally arrived.

In fact, there are two alternatives.

…

Background articles on 2 new sources of “small GAAP” – one is from PCC and one is called ‘FRF for SMEs’Read More »

Background articles on 2 new sources of “small GAAP” – one is from PCC and one is called ‘FRF for SMEs’ Read More »

Free E-book to help you cope with the massive change around us. Oh, did I mention the price?

Leave a Comment / Books you might enjoy / Jim Ulvog

If you are trying to sort out all the massive change around us, you have just got to check out Look, Lead, Love, Learn: Four Steps to Better Business, a Better Life – and Conquering Complexity in the Process by Bill Sheridan.

On 10-29 and 10-30 it is free at Amazon.

How can we possible cope with all the massive change around us? One way is to open our brain to learn and be willing to constantly be learning more.

In an era of great change, the most important skill we will possess going forward is the ability to learn new skills.

…

Free E-book to help you cope with the massive change around us. Oh, did I mention the price?Read More »

Free E-book to help you cope with the massive change around us. Oh, did I mention the price? Read More »

Dutch bank fined over $1B for manipulating Libor

Leave a Comment / Other stuff / Jim Ulvog

Rabobank, based in Holland, will pay a 774M Euro fine, or about $1.065 billion, to U.S. and European regulators. That according to a Reuters report today: Dutch Rabobank fined $1 billion of Libor scandal.

Regulators in Japan forced Rabobank to increase their compliance staff in Japan after the bank was caught trying to manipulate the Yen Libor.

…

Dutch bank fined over $1B for manipulating LiborRead More »

Dutch bank fined over $1B for manipulating Libor Read More »

Some details firming up on that $13B settlement

2 Comments / Other stuff / Jim Ulvog

JP Morgan settled up with Fannie Mae and Freddie Mac. JPM will pay:

~$1.0B for loans made by Morgan
~$1.8B for loans made by Bear Stearns
~$1.2B for loans made by Washington Mutual
~$1.1B to buy back loans underwritten by JPM
~$5.1B total package

That’s from the article J.P. Morgan Settles With FHFA, in the Wall Street Journal.

This is part of the larger $13B package under negotiation earlier this week.

My head scratching continues about why Morgan is on the hook for loans made by other banks it acquired at the urging of the feds. …

Some details firming up on that $13B settlementRead More »

Some details firming up on that $13B settlement Read More »

Direct cash flow method – Tentative decisions from FASB about NPO reporting

Leave a Comment / Accounting / Jim Ulvog

On 10-23-13, FASB tentatively decided to require NPOs to use the direct method when preparing a statement of cash flow.

You can see the discussion here.

My summary of some other minor changes:

Donor contributions with restrictions for long-term assets would be an operating cash flow instead of financing.
Outflows to meet those restrictions would likewise be operating instead of financing.
Investment income would be investing cash flow instead of operating.

These items will show up in a future ED. Lots of other issues are on the table for future discussion.

(Thanks to Bill for the tip.)

Direct cash flow method – Tentative decisions from FASB about NPO reporting Read More »

“Once Upon Internal Control” fable now available in multiple formats

Leave a Comment / Accounting, Books you might enjoy / Jim Ulvog

I just published my short book, “Once Upon Internal Control” at Smashwords, which means it is now available in several formats:

Epub – readable on your iPad, Nook, Sony Reader and lots of other e-reading devices
Kindle
PDF
RTF

You can preview 30% of the book for free.

What’s this book about? …

“Once Upon Internal Control” fable now available in multiple formatsRead More »

“Once Upon Internal Control” fable now available in multiple formats Read More »

Sentencing dates for KPMG insider trading case

Leave a Comment / Other stuff / Jim Ulvog

An article in the Los Angeles Times reports KPMG auditor deserves 3 years for insider trading, probation office says.

The article covers the same ground broken by Going Concern here, which I discussed here. New information is the expected sentencing dates.

The Times article says Mr. London will be sentenced on 12-9-13. Mr. Shaw will be sentenced on 1-23-14.

Won’t be a particularly festive holiday season for either of them. Another earned consequence for both their families.

Update: See Sentencing in London CPA insider trading case set for 2-27-14

Sentencing dates for KPMG insider trading case Read More »

Scratching my head over that $13 billion settlement

Leave a Comment / Other stuff / Jim Ulvog

I’m confused by the reports that JP Morgan is close to settling most of the claims against the bank by the federal government in return for a payment of $13,000,000,000.

On one hand…

There are several parts of the long list of Morgan scandals that fully justify punishment, in my opinion. Consider manipulating Libor or prices in the energy market as just two examples.

Since the options of either public flogging or liberal application of feathers preceded by tar are not possible with a corporation, a decent fine would be a good start.

…

Scratching my head over that $13 billion settlementRead More »

Scratching my head over that $13 billion settlement Read More »

Football as illustration of differences between audits, reviews, and compilations

2 Comments / Audits, Compilations & reviews / Jim Ulvog

Since football season is in full swing, let’s go to the nearest stadium to compare an audit to a review, to a compilation, and to the newest level of service, a preparation report.

(Cross-post from my other blog, Nonprofit Update.)

Audit

If you were performing an audit, you would be on the field and receive the kickoff at your 20-yard line. A series of passes and runs would slowly move the ball. With effort you would advance to your opponent’s 10-yard line. Good touchdown position.

Advancing the football would be the same as gathering evidence to provide you a reasonable level of assurance so you could issue an audit opinion on the financial statements.

…

Football as illustration of differences between audits, reviews, and compilationsRead More »

Football as illustration of differences between audits, reviews, and compilations Read More »