Several years ago, the interim inspection program of auditors of broker-dealers was implemented due to new authority given to the Public Company Accounting Oversight Board (PCAOB) over auditors of SEC-registered broker-dealers by the Dodd Frank Wall Street Reform and Consumer Protection Act.
This summer, the PCAOB released…more
The SEC recently made available the comments received on IA-4091, Amendments to Form ADV and Investment Advisers Act Rules. First, let’s revisit some specifics of the amendments, originally introduced on May 20, 2015. The first of the amendments is to Form ADV Part 1A, specifically as it relates…more
In the first quarter of 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No 2015-02, Consolidation (Topic 810) – Amendments to the Consolidation Analysis. This ASU was issued to respond to concerns surrounding the current generally accepted accounting principles (GAAP) that may require a general partner…more
Everyone has heard a story about a seemingly great employee who has worked in the business for many years, who would never do anything wrong, and who treats the business like his or her own. And yet, that person is discovered using the company’s checkbook to pay personal expenses…more
The landscape of the financial markets is full of constantly evolving regulation, complex financial instruments, customized investment structures, and increased scrutiny from investors. Now may be the time to evaluate your operational due diligence program.
What is Due Diligence?
Generally, due diligence refers to the care a reasonable person would…more
On Friday, May 1, 2015, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2015-07, Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).
The amendments apply to reporting entities that elect to measure the…more
We often discuss calculating and presenting investment performance with clients, prospects, and colleagues.
These conversations normally lead to a discussion about the Global Investment Performance Standards and what is allowed or is not allowed.
We are also occasionally asked about calculating and presenting hypothetical, back-tested performance.
Using hypothetical, back…more
Top performers in an industry command top dollar.
It sounds simple, but what defines a top performer?
Mark Tibergien and Owen Dahl note in How to Value, Buy or Sell a Financial Advisory Practice that “value – like beauty – is in the eye of the beholder, but the principles of valuation…more
In August 2011, the interim inspection program of auditors was implemented due to new authority given to the Public Company Accounting Oversight Board (PCAOB) over auditors of SEC-registered broker-dealers by the Dodd Frank Wall Street Reform and Consumer Protection Act.
The PCAOB issued its first two progress reports…more
The Financial Accounting Standards Board (FASB) has issued a proposed Accounting Standards Update (820), “Fair Value Measurement (Topic 820): Disclosures for Investments in Certain Entities That Calculate Net Asset Value per Share (or Its Equivalent).” As a reminder, comments on the proposed ASU are due January 15, 2015.
What Led…more