|
Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd., one of the six global accounting organizations, today announced that Mary Moore Hamrick has joined the firm as Principal in the Washington, D.C. office, to lead the firm's public policy initiatives and government affairs efforts. As National Managing Principal of Public Policy, Hamrick will serve as the firm's primary liaison with members of Congress, the accounting profession's standards-setters, regulators and other policymakers, ensuring that Grant Thornton's policy positions are well represented. 
|
|
Grant Thornton has been, and continues to be, a staunch supporter of the ongoing movement toward one set of high-quality, globally accepted accounting standards. As CPAs, we view financial reporting as a unique language used to communicate the economic results of a company's activities and fiscal health. At present, that language features several different dialects, depending on where a company operates. As businesses continue to expand their international footprint, it is increasingly sub-optimal to be using different reporting standards, which sometimes increase costs while decreasing comparability. Just as international business has benefited over the last 30-odd years from the increased shared use of English, so too will global companies reap the benefits of one financial reporting language. 
|
|
Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, one of the six global accounting organizations, today announced the release of a new book titled One Report: Integrated Reporting for a Sustainable Strategy, co-authored by global corporate reporting experts, Grant Thornton LLP partner Michael P. Krzus and Harvard Business School faculty member Robert G. Eccles.
|
|
Grant Thornton LLP has been named to the NAFE Top 50 Companies for Executive Women by the National Association for Female Executives (NAFE), recognizing Grant Thornton's policies and practices that encourage women's advancement and numbers at the highest levels of leadership that demonstrate that commitment.
|
|
Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd., one of the six global accounting organizations, today announced its participation in the Institute of Internal Auditor's (IIA) 2010 General Audit Management (GAM) Conference, being held on March 29-31, 2010 at the Gaylord Palms Resort and Convention Center, Kissimmee (Orlando), FL. 
|
|
In the face of declining revenues from donors, granting agencies, federal and state governments, and underwater endowments, nearly all not-for-profit organizations felt the squeeze in 2009, according to Grant Thornton LLP's seventh annual National Board Governance Survey for Not-for-Profit Organizations. Organizations responded with all around cost cutting - including 57% of respondents reporting reductions in personnel. In addition, among the many policy changes boards undertook in 2009, Form 990 review was by far the leading focus for change. Consequently, more than half (55%) established formal policies for their board members to review the form, up from about 22% in 2008. 
|
|
The majority of bank executives (96%) do not agree that the government should play a role in setting bank compensation parameters and guidelines, according to Grant Thornton LLP's 17th Bank Executive Survey, conducted in conjunction with Bank Director magazine. In addition, when it comes to the government's role in assessing risk, almost two-thirds (61%) of bankers do not believe that the requirement to evaluate compensation will reduce excessive risk-taking.
|
|
Drawing on deep knowledge and experience, Grant Thornton LLP and Lewis and Roca announce the release of Getting in the Game: A Guide to Successful Gaming Company Compliance. The guide was developed to help gaming companies build a strong compliance program and provides valuable insight into managing changing regulations, minimizing risk and improving operational performance. 
|
|
The majority of bank executives (62%) report that their bank is interested in pursuing a failed bank, according to Grant Thornton LLP's 17th Bank Executive Survey, conducted in conjunction with Bank Director magazine. While 42 percent of bankers say that their bank is interested in being a bidder for a failed bank's assets or deposits, only 2 percent have already made an acquisition of a failed bank and 7 percent have been unsuccessful bidders.
|
|
Half of U.S. oil and gas senior executives expect to increase employment this year and two-thirds believe that the recession burdening 2009 will end this year, according to Grant Thornton LLP's eighth annual Survey of Upstream U.S. Energy Companies. 
|
|
As real estate owners and investors do business throughout 2010, they will more than likely face many complex tax issues that could strain their resources and drain profits. They should keep in mind these tax tips that could help them save money in the long run. 
|
|
Grant Thornton LLP and the Association for Corporate Growth (ACG), today announced the release of The Debt Effect, a white paper that examines how private equity has been affected by the crisis in the banking industry.
|
|
Hospitality companies face complex tax issues that can strain resources and drain profits. Grant Thornton LLP's tax professionals offer 10 tips to help hospitality businesses manage their tax burden. 
|
|
Contractors are coming off what has to be one of the most dramatic decades in history. Bookended by 9/11 and a severe recession, with boom years in the middle, the past 10 years have challenged the resources of even the most financially solid and best-run companies. Recently enacted stimulus bills offer new tax-saving opportunities, while current budget deficits and the change of administration portend tax increases. Contractors need to do what they can to maximize cash by effectively managing their tax burdens and protecting themselves against tax increases and assessments. With 2010 ushering in a very uncertain tax climate, construction contractors should keep in mind the following tax tips. 
|
|
The majority of private U.S. companies are optimistic about the U.S. economy in 2010, according to the largest global survey of 7,400 private firms in 36 countries. The survey was conducted in November 2009 by Grant Thornton International Ltd, one of the six global accounting organizations. In the U.S., private businesses account for an estimated 100 million jobs - more than 70 percent of U.S. employment. 
|
|
There will be further state budgetary pain, even if the economy improves, this according to Grant Thornton LLP, which identifies 10 state and local tax (SALT) issues that will be considered by state legislative bodies in 2010 in an attempt to balance their budgets. 
|
|
Even with the economic downturn this year, 50 percent of government contractors report increased revenues from federal government contracts, while only 20 percent report a decrease, according to Grant Thornton LLP's 15th Annual Government Contractor Survey. 
|
|
Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, is pleased to announce that Michael Ackerman has joined the firm's Global Public Sector practice as Chief Administrative Officer. In this position Ackerman will focus primarily on finance and government contracts. 
|
|
Grant Thornton LLP today announced its new Senior Leadership Team that will report directly to CEO Stephen Chipman. 
|
|
According to Grant Thornton LLP's 17th Bank Executive Survey, conducted in conjunction with Bank Director magazine, 82 percent say that the number of people their bank employs will either increase or remain the same in the next six months. The same amount (80%) feel that the U.S. economy will either improve or remain the same in the next six months and that their local economy will either improve or remain the same in the next six months (82%). This is a huge improvement over last year's numbers, when 86 percent of bankers were pessimistic about the state of the U.S. economy. 
|
|
At Grant Thornton's Annual Partners Meeting in November, the partners and principals elected Chicago-based Audit Partner Jeff Robinson to the Partnership Board. Incumbents who were re-elected to the board include Scott Farber, Irvine, Calif., Audit partner and West Region - South International Business Center director; Jack Katz, Financial Services national managing partner and New York cluster managing partner; and Rich LaFleur, Mid-Atlantic practice managing partner. Grant Thornton's Partnership Board provides oversight and governance relating to firmwide partnership matters. 
|
|
Grant Thornton's National Managing Partner of Professional Standards John (Arch) Archambault is one of 10 new members appointed to the Financial Accounting Foundation's (FAF) Financial Accounting Standards Advisory Council (FASAC), effective Jan. 1, 2010. The FASAC is responsible for advising the Financial Accounting Standards Board (FASB) on technical issues, project priorities and other matters that affect standard setting. 
|
|
Grant Thornton is pleased to announce that Rear Admiral Robert Duncan has joined the Global Public Sector (GPS) practice as an executive director. Admiral Duncan will work in the International practice out of the firm's office in Alexandria, Va., as well as the recently established office in Dubai, UAE. 
|
|
The past 12 months have brought little relief from the effect of economic gyrations on the world of state and local taxation. States have grappled with ways to cut expenses and bring in revenue through a variety of methods. Some states had no choice but to resort to tax rate increases in an attempt to generate additional revenue. As for others, the top stories in state and local tax this year, in large part, reflect the diverse methods by which these states have attempted to close their budget gaps. To assist companies, Grant Thornton LLP has released a new State and Local Tax Alert identifying the top 10 SALT stories of 2009. 
|
|
Grant Thornton's Compensation and Benefits Consulting practice surveyed U.S. companies to understand what they believe is the most appropriate method for disclosing the value of executive officer equity-based awards on the SCT of company proxy statements. The survey found that two-thirds (66%) feel that it is more appropriate to recognize executive compensation fully in the year of grant - including amounts that vest in future years (the proposed SEC rule amendment). Only 34 percent believe it is best to recognize compensation over the vesting period of the award, which could be several years (the current SEC approach). 
|
|
Vincent Tomkinson has been named managing partner of Grant Thornton LLP's Southfield, Mich., office. Prior to being named managing partner, Tomkinson was an Audit partner serving both publicly traded and privately held clients in a variety of industries. 
|
|
Grant Thornton LLP announces the formation of a new national practice focusing on the Aerospace and Defense (A&D) industry, combining the existing A&D practices in several offices with the firm's national industry focus. The practice will be led by Charles H. "Chip" Schweiger, an Audit partner in the firm's Denver office, and will be supported by a team of specialized industry and service professionals located across the firm. 
|
|
Grant Thornton LLP's Business Optimism Index, a quarterly confidence measure of U.S. business leaders, remained relatively steady at 60.4 in November (it was 60.9 in August 2009). More business leaders say that their companies plan to increase staffing in the next six months - up to 30 percent from 26 percent in August. However, the business leaders' outlook for the future continues to shift, with only one-third (33%) now saying that they expect the economy to come out of recession by the first half of 2010, compared to 58 percent in August 2009. 
|
|
The year-end charitable giving season is upon us, and Grant Thornton LLP wants to make sure Americans don't miss out on the federal tax rewards available for their charitable contributions. 
|
|
Grant Thornton LLP wants to remind America that it's the perfect time to consider some holiday season tax planning strategies as 2009 winds down. 
|
|
In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton LLP, the majority (60%) expect that their aggregate state effective tax rates will increase in the coming year. Only 3 percent believe those rates will decrease. 
|
|
Grant Thornton LLP National Managing Partner of Professional Standards John (Arch) Archambault has been appointed to the Public Company Accounting Oversight Board's (PCAOB) Standing Advisory Group to assist the Board in carrying out its standards-setting responsibilities. 
|
|
A study released today by Grant Thornton LLP, A Wake-Up Call for America, demonstrates that market structure changes implemented beginning in the late 1990s are leading to a dramatic long-term decline in the number of publicly listed companies in the United States. According to the study, SEC actions over recent decades have encouraged the development of markets that favor the most technologically sophisticated traders. The rise of high-frequency trading is the natural consequence of regulations designed to increase efficiency, but those same regulations have tended to undermine market support for small, innovative companies. 
|
|
Grant Thornton LLP announced today that Lou Grabowsky will be the new Chief Operating Officer for Grant Thornton LLP effective Jan. 1, 2010. Grant Thornton LLP is the U.S. member firm of Grant Thornton International Ltd, one of the Global Six accounting organizations. 
|
|
In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton LLP, the vast majority (88%) believe that the positions of CEO and chairman of the board should be separate and more than half (52%) report that they would like to be CEO of a company one day. 
|
|
In a survey of transportation CFOs and senior comptrollers conducted by Grant Thornton LLP, only 22 percent say their company will increase hiring in the next six months and more than half (59%) plan to reduce bonuses. At the same time, 38 percent believe the U.S. economy will improve during the same time period, making transportation more pessimistic than other industries. 
|
|
In a survey of banking and financial institution CFOs and senior comptrollers conducted by Grant Thornton LLP, only 20 percent say their company will increase hiring in the next six months and more than half (55%) plan to reduce bonuses. At the same time, 40 percent believe the U.S. economy will improve during the same time period, making banking/financial institutions more pessimistic than other industries. 
|
|
In a survey of real estate CFOs and senior comptrollers conducted by Grant Thornton LLP, only 12 percent say their company will increase hiring in the next six months and nearly two-thirds (63%) plan to reduce bonuses. At the same time, while two-thirds (64%) believe the U.S. economy will improve; one-quarter (24%) expect their organization's financial prospects to get worse during the same time period - making real estate one of the most optimistic industries on the national economy, but also one of the most pessimistic about their own industry's outlook. 
|
|
In a survey of not-for-profit CFOs and senior comptrollers conducted by Grant Thornton, only 11 percent say their organization will increase hiring in the next six months and half (51%) plan to reduce bonuses. At the same time, while more than half (55%) believe the U.S. economy will improve; only a quarter (28%) expect their organization's financial prospects to improve during the same time period - making non-profits one of the most optimistic industries on the national economy, but also one of the most pessimistic about their own industry's outlook. 
|
|
As gaming companies face declining revenues and margins, aggressive steps must be taken to restructure debt and reduce costs, according to distress experts at Grant Thornton LLP's Corporate Advisory and Restructuring Services (CARS) practice. Bankruptcy is more likely for those with low interest coverage ratios, low levels of cash and limited unencumbered assets to address looming debt maturities. 
|
|
In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton, the majority (71%) believe that the Financial Accounting Standards Board (FASB) should set U.S. accounting standards, not the SEC, the International Accounting Standards Board (IASB) or the U.S. Congress. 
|
|
In a survey of financial services CFOs and senior comptrollers conducted by Grant Thornton LLP, only 26 percent say their company will increase hiring in the next six months and nearly half (49%) plan to reduce bonuses. At the same time, nearly half (46%) believe the U.S. economy will improve during the same time period, making financial services CFOs on par with their national counterparts. 
|
|
In a survey of health care CFOs and senior comptrollers conducted by Grant Thornton LLP, 38 percent say their organization will increase hiring in the next six months - 14 points higher than the national number - and one of the highest industries surveyed. More than half (52%) plan to reduce bonuses and half (51%) believe the U.S. economy will improve in the next six months. 
|
|
In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton LLP, 40 percent said that they do not believe that U.S. companies should ever have to use International Financial Reporting Standards (IFRS), while another 39 percent said that U.S. companies should start using IFRS in 3 to 5 years. Only 7 percent want to start using it immediately. 
|
|
Grant Thornton's National Tax Office created the Year-end tax guide for 2009 to help individuals and business owners make sure they do not pay any more than they have to on their 2009 tax bills. The guide provides a tax strategy overview and gives taxpayers action steps to jump-start the planning process in the form of Grant Thornton's top 20 tax planning opportunities. 
|
|
Grant Thornton LLP and the Association for Corporate Growth (ACG) today announced the release of Private Equity in the Post-Boom Era: What's Next?, a white paper that examines the current fundraising market and where liquidity opportunities exist in a changed deal landscape fashioned by the credit crisis and U.S. recession. 
|
|
In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton, nearly three-quarters (73%) believe that financial statements are too complex to be used by the average investor and 82 percent believe that financial statements should be prepared to meet the needs of the average investor rather than the needs of the most sophisticated users. 
|
|
A new report from Grant Thornton International Ltd reveals that customers and in-house R&D teams are now the leading source of innovation for U.S. businesses, while globally customers are an organization's best source of innovation. When asked to name the origin of the best innovation ideas, U.S. business owners named customers (37%) and in house R&D teams (37%) as their leading sources of innovations followed by heads of business units (34%) and employees (32%). Globally, 41 percent of businesses say that customers are their leading source for innovation. 
|
|
While some economic signs seem to be improving, nearly 38 percent of manufacturing CFOs and senior comptrollers surveyed by Grant Thornton LLP do not expect to see the U.S. economy coming out of the current recession until the second half of 2010. Nearly 27 percent expect the recession to end during the first half of 2010, and nearly 15 percent see a more bullish outlook, predicting the recession will end by the end of 2009. The bears weighed in also, however, with some 20 percent of CFOs not expecting to see a turnaround until 2011 or beyond. 
|
|
In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton LLP, the majority say their company is reducing bonuses (55%) and a quarter (26%) say their company is reducing its 401(k) match. 
|