Many have debated the cost of Sarbanes-Oxley (SOX) versus its benefits, given the recent accounting scandals that continue to “pile on”. However, according to Harvard Business School professor, Francois Brochet, the little discussed 2002 provision known as Section 403 is actually making a difference for investors and small companies (and with little cost, unlike some… Read more »
Posts Tagged: Financial statements
New Accounting Rules for Off-Balance Sheet Assets
New accounting rules governing off-balance-sheet transactions went into effect for most companies in January 2010. The rules force companies to put assets, like mortgage servicing rights, back on their balance sheets. Questions: 1. What financial accounting standards (FASs) are forcing companies to put such assets back on their balance sheets? 2. What are some of… Read more »
Accounting for Security Deposits
A security deposit is money paid by the tenant to the landlord. This deposit protects the landlord if the tenant vacates without making required payments or damages the rental property. If the tenant gives proper notice and vacates without owing any rent or damages, the landlord must return the security deposit to the tenant in… Read more »
Late Payments Matter
Late Payments Matter According to new research, approximately 4,000 small and medium sized firms in the U.K. collapsed in 2008 due to late payments by customers. This amounted to approximately 62 billion pounds that were more than 30 days late and of this 15.5 billion that were more than 120 days overdue. For more than… Read more »
Just Text “Haiti†to Donate
Verizon made good on its pledge to help Haiti immediately after the 7.1 magnitude earthquake that struck the island on January 12, 2010. Verizon Wireless said its $2.98 million transfer within two days of the disaster to the Red Cross “bypasses the normal process used to get donations paid to charities.” Unfortunately, with other companies,… Read more »
Airlines Are Raising the Fees They Charge Travelers to Check Baggage
Both Delta Air Lines and Continental Airlines are raising their checked-baggage fees. According to this article the winners may be package-delivery companies and airlines without such fees. Unfortunately, it is hard to verify the exact numbers through shipping companies, but officials from both Southwest Air Lines and JetBlue Air Lines admit that their lack of… Read more »
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