Grant Thornton Thinking
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Washington Update — Creating an environment for growth
Grant Thornton’s CEO Stephen Chipman reflects on the importance of having a voice on Capitol Hill and sharing the firm’s policy perspectives with members of Congress. This Washington Update: Creating an environment for growth describes our most recent day in Washington, D.C., the conversations our leadership had with lawmakers, and their takeaways. With a strong commitment from leadership, Grant Thornton is well positioned to take a stand and impact policy decisions to foster U.S. economic growth.
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A model for realignment and consolidation: applying BRAC principles to the federal financial management system environment
Federal budgets are shrinking and cost savings are needed more than ever. One savings strategy is through the consolidation of financial management systems and operations into shared service environments. The article defines a value-based financial realignment and consolidation (FRAC) framework to quantitatively assess financial management and system value, and provide objective recommendations and portfolio roadmap for focused and successful shared service consolidation.
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Private business owners are wondering, 'Should I switch my business to a C corporation?'
For the first time in a decade, the top rates for individual and corporate income tax are not equal. Lawmakers have been discussing tax reform for much of the past year, and the focus has largely been on lowering the corporate tax rate. This may cause privately held business owners to re-examine the tax structure of their businesses. This article focuses on the important considerations for that analysis.
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The Audit Committee & External Auditor Relationship
Trent Gazzaway, National Managing Partner, Audit Services, recently appeared on a segment of Boardmember.com’s This Week in the Boardroom entitled, “The Audit Committee & External Auditor Relationship.” View both episodes of this two-part series here.
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The new higher education CFO: Essential skills for maximum job performance, Part II
Grant Thornton's OnCourse newsletter provides business and financial insights for trustees and higher education administrators. As the keeper of a higher education institution’s financial health, today’s CFO responsibilities include risk and IT management. Read the latest OnCourse, written by Larry Ladd, director in Grant Thornton's National Not-for-Profit and Higher Education practices, for 15 effective leadership tips and more.
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Government Contractor Industry Survey
The 18th annual Grant Thornton Government Contractor Industry Survey provides a comprehensive look at the industry as a whole and into the day-to-day business of government contracting. It reveals trends regarding relationships with contracting officers, compensation and rising overhead costs as well as reports on the impact of new requirements in the Federal Acquisition Regulations (FAR), agency supplements, and Cost Accounting Standards (CAS).
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Fudging the numbers
Grant Thornton's OnCourse newsletter provides business and financial insights for trustees and higher education administrators. Recent reports of colleges and universities misrepresenting important information about their institutions have been all over the news - raising questions about what isn’t being reported.. The trustees and senior officials involved in these incidents risk not only their personal reputation, but that of the institutions they serve. Larry Ladd, director in Grant Thornton's National Not-for-Profit and Higher Education practices, provides recommendations for your institution to mitigate identified risks.
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Government Acquisition Professionals Performing a “Balancing Act: Acquisition in an Unabated Crisis.”
The Professional Services Council and Grant Thornton LLP released the sixth biennial Acquisition Policy Survey of government acquisition professionals based on interviews with individuals from multiple agencies across government. More than ever, these acquisition professionals are maintaining a difficult balancing act in which they keep up with the old while continuing to bring in the new. The 2012 edition of the survey identified top challenges facing today’s acquisition workforce. The survey also explored a decade of survey results, finding common themes that point to a number of issues. These top common challenges through the years include budget stability, workforce resources and capabilities, training and development, and oversight and transparency.
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Tenth Annual Survey of Upstream U.S. Energy Companies
This survey was conducted from November 2011 through January 2012, with more than 100 responses from senior executives at independent oil and gas exploration and service companies. Issues explored include the 2011 economic year in review, prices and spending, enterprise risk management, M&A transactions, employment issues, and IFRS.
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View Stephen Chipman’s FEI TV Interview on Mid-Market Perspectives
Learn more about the primary issues for many mid-market organizations and how mid-market economic growth can potentially be enhanced.
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Asset ManagementAdviser: April 2013
Hedge funds and private equity funds are now permitted to advertise more broadly, potentially expanding the pool of investors. Firms that can implement an effective marketing strategy will have a distinct advantage over their competitors.
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Aerospace & Defense Update: Mergers, Acquisitions and the Operating Environment
M&A activity within North America declined slightly in 2012 and was marked by divergence - with component manufacturing reaching new highs and caution seen on defense acquisitions. Our annual Aerospace & Defense Update explores the factors driving this separation. Component manufacturing M&A activity reached record highs on the back of strong growth in commercial aviation. MRO and support services also saw increases, particularly in aircraft leasing. In contrast, defense electronics and technology M&A declined after a period of strong growth as reductions in defense spending prompted buyers to look for opportunities elsewhere.
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Strong M&A activity in the food and beverage sector fuels growth
Grant Thornton’s latest Food & Beverage Industry Snapshot captures significant deal value increases and a substantial drop in coffee bean prices. Learn about these and other changes in the new report.
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SEC registration - are you prepared?
As a key component of the Dodd-Frank Act, most advisors to hedge funds and private equity funds with over $150M in assets under management (AUM) will be required to be registered under the Investor Advisor Act of 1940 by March 30, 2012. This bulletin summarizes the key requirements under the ‘40 Act and discusses how advisors can best prepare for operating as a registered advisor.
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Allowance for loan and lease losses (ALLL): Loss discovery periods
In this second installment of the ALLL series, Allowance for loan and lease losses (ALLL): Loss discovery periods, we continue to explore how and why banks should adjust their historical loss experiences. Just like the first paper, we focus on the FAS 5 component of the allowance. Loss discovery periods (LDPs) are important factors in the FAS 5 allowance estimation methodology, and when they are explicitly acknowledged, they are a very powerful tool for management.
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Now what? Considering IFRS for U.S. issuers
Will — and if so, when will — the United States adopt International Financial Reporting Standards (IFRS), the accounting standards used in approximately 125 countries worldwide? Learn the implications of the SEC IFRS work plan for private and public companies, delve deeper into the current state of IFRS in the U.S. and learn how to get ready in this white paper from Grant Thornton’s IFRS Consulting Group.
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Overcoming the challenges to growth for broker-dealers
Broker-dealers face significant uncertainty in the months ahead. Major regulatory changes and an economy struggling to increase positive momentum create a challenging environment for many firms. But broker-dealers shouldn't wait for the regulatory and economic picture to become clearer. Overcoming the challenges to growth for broker-dealers outlines steps broker-dealers can take today to improve their position in the marketplace.
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TIP on Tax: How cloud computing providers can weather the on-going tax storm
Joel Waterfield and Steve Skiba, Directors of State and Local Tax Services at Grant Thornton LLP, provide tips for providers on navigating the various tax regulations related to the cloud, many of which have not been updated since authorities considered taxing electronic downloads more than a decade ago. They also offer some specific business and contracting suggestions to help avoid unpleasant tax surprises.
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Technical topics in leasing
In this paper, which is part of our Technical topics in leasing series, we look at one of the fundamental issues of the proposed new leasing standard from the FASB and the IASB: Is there a single accounting model that faithfully represents the economic substance of all leases? This article focuses on the business model of the lessor.
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Five factors for manufacturing growth in an uncertain economy
How can manufacturers overcome their concerns and maximize growth and profitability in coming years? This white paper highlights five strategies companies can use to improve their business prospects, heighten their competitiveness and boost their cash flow.
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Governance in Large Nonprofit Health Systems
Health care reform, shrinking reimbursements, accountable care, electronic health records, new technologies, and ever-growing scrutiny from regulators are collectively transforming health care as we know it. Adapting to these changes demands a renewed focus on governance structures and processes. This new study, Governance in Large Nonprofit Health Systems: Current Profile and Emerging Patterns, co-sponsored by Grant Thornton and led by Lawrence Prybil, professor and associate dean, College of Public Health, University of Kentucky, examines the governance structures and practices of 14 of the largest and most well-known health care systems.
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Life Sciences Spotlight—Patient first: A discussion with life sciences executive Bob Baltera
As an example of what it takes to deliver patient-first success in today’s dynamic life sciences marketplace, Baltera provides a snapshot of shifts in the life sciences sector that successful CEOs and investors should understand and consider as they grow their companies. In this interview, Baltera outlines how the ability to deliver products is based on the scrupulous management of resources — scientific, human and financial.
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Banking & Securities Update Fall 2012
Our Fall 2012 Banking & Securities Update discusses the latest accounting, tax and regulatory developments that banking and securities executives need to know. We provide a succinct overview of recent FASB pronouncements, FINRA rules, OCC developments and recent news from Capitol Hill.
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Health care M&A snapshot: Reviewing the 2012 health care industry
Health care M&A activity posted mixed results in 2012 following a very active 2011. Total deal volume remained at around 1,280 announced transactions, while aggregate deal value dropped by approximately $63 billion, or 39%, from the prior year. A major factor affecting the M&A landscape was the uncertainty surrounding health care reform, which persisted despite the Supreme Court’s decision in June to uphold the Patient Protection and Affordable Care Act (PPACA). The re-election of President Obama put the issue to rest.
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Grant Thornton sponsors ERM panel at American Bankers Association conference
Grant Thornton sponsored a panel discussion on enterprise risk management (ERM) at the annual conference of the American Bankers Association (ABA) — ABA Risk Management Forum — held in New Orleans in May 2012. The panelists included three of Grant Thornton’s ERM specialists: Steve Goldberg, Financial Services Advisory principal; Tariq Mirza, Bank Regulatory national managing director; and Erin Morrow, Financial Services Advisory principal.
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Survey report: Financial executive compensation survey 2012
Article outlines trends in compensation for financial executives based on survey coauthored by Grant Thornton and the research affiliate of Financial Executives International.
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Broker-dealer industry hot topics
On October 24, 2012 Grant Thornton sponsored a panel discussion on the major issues facing the broker-dealer industry. The discussion was hosted and moderated by Grant Thornton’s National Banking and Securities Industry Leader Nichole Jordan and featured a keynote address by Lee Pacchia, Legal Analyst and Host of Bloomberg Law multimedia programs. The panelists addressed a number of current issues facing the broker-dealer industry.
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Does your BDC meet the JOBS Act criteria for IPO cost savings?
H.R. 3606, Jumpstart Our Business Startups Act (the JOBS Act), was signed into law by President Obama on April 5, 2012. The law aims to increase private companies’ access to capital through an IPO of their common equity by relieving certain securities regulations. This issue of Grant Thornton’s Asset ManagementAdviser take a look at the significant impact this will have for business development companies (BDCs).
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Multichannel retail: More than clicks and bricks
This paper explores new retail sales channels and service platforms alongside the risks and challenges that retail leaders need to consider as they provide consumers with an effective multichannel experience. Topics covered range from integrating storefront and web operations to engaging customers with the brand.
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Charting a course through stormy seas: State financial executives in 2012
The financial turmoil continues to affect state governments, but state financial leaders are aligning their offices with the state mission and are eliminating inefficiencies and waste, according to the 2012 annual survey of state CFOs. Produced by the National Association of State Auditors, Comptrollers and Treasurers, the Association of Government Accountants, and Grant Thornton, the survey is based on responses from 357 state and local government financial leaders and their workforces.
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LIBOR scandal equals new areas of vulnerability for financial institutions
The worldwide reaction to the admission from Barclays Bank PLC in June 2012 that its traders sought to manipulate the London Interbank Offered Rate (LIBOR) has been widespread and unwavering. Since then, numerous criminal, civil and regulatory actions have been brought in North America, Europe and Asia against at least 16 of the 23 largest international banks that make up the various panels responsible for setting LIBOR. This issue discusses the three key areas where LIBOR panel banks are most likely to require assistance and what can be done to help.
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Recovery and resolution plans: Working together to help you create an effective living will
This paper outlines the key steps to create an effective living will to facilitate orderly resolutions of Covered Companies in the event of material financial distress or failure while complying with the Dodd-Frank Act.
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Cleantech business booms around the world
The global cleantech sector has emerged as viable, thriving and future-oriented: A vast array of industrialists, service organizations and utilities see the enormous opportunity in the sector and want a piece of this rapidly expanding market. Based on interviews with 458 cleantech businesses, this International Business Report focus report discusses the business outlook for the cleantech sector, examining emerging trends and their impact on cleantech companies worldwide.
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Grant Thornton’s Banking and Securities practice is proud to announce the release of the 19th Annual Bank Executive Survey, conducted in association with Bank Director
Last year’s survey found our banking industry respondents optimistic about the direction of the economy despite concerns over the Dodd-Frank Act and regulatory compliance. Much has happened across the banking landscape since then. With bank executives preparing for the challenges ahead, Grant Thornton LLP and Bank Director examine the challenges and plans among bankers across the nation, compiling analysis and trends based on past survey results. This installment focuses on the current situation in the eyes of bankers on a variety of issues, from handling the Dodd-Frank Act to how growth will be achieved in the coming year.
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Ten misconceptions that can pave the road to distress for U.S. companies pursuing international growth
This white paper highlights 10 common misconceptions common among companies that are pursuing international expansion, any one of which can lead companies astray in their decision-making. These misconceptions span timing, culture, location, business model, customers, capital investment, and more. Avoiding these misconceptions is essential for companies that want to execute well-planned, strategic expansions.
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Continuing care retirement communities in distress: Considerations for restructuring and workouts
A wave of high-profile bankruptcies has swept the continuing care retirement community (CCRC) industry, leaving many CCRC operators and lenders with new uncertainties about the future. Scott Davis, partner in Grant Thornton's Corporate Advisory & Restructuring Services practice, and Paul Melville, Principal in Grant Thornton's Corporate Advisory and Restructuring Services practice, have provided considerations for CCRC operators and lenders in situations of distress.
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Navigating the changes to International Financial Reporting Standards
This publication provides a summary of recent changes to International Financial Reporting Standards – it covers new Standards and Interpretations that have been issued and amendments made to existing ones – that will affect companies’ future financial reporting.
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2012 ASMC Survey: Time to Step Up
Grant Thornton LLP and the American Society of Military Comptrollers collaborated on this 10th annual survey of over 700 uniformed and civilian executives and managers in the Department of Defense (DoD) on how they are dealing with Defense budget cuts. Their top concerns include the potential for new conflicts anywhere around the globe, a possible budget sequester and getting DoD into a mindset of less.
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Federal chief human capital officers are bracing for change
Declining budgets, increasing workloads and turnover, an aging workforce, as well as outdated HR systems and policies have made the job of federal chief human capital officers (CHCOs) more challenging. The Partnership for Public Service and Grant Thornton conducted in-depth interviews with 55 CHCOs and other HR leaders on the state of the federal workforce and the challenges facing the federal government. This report – the fourth in a series – is a summary of their views and recommendations for change, based on candid conversations held in the spring of 2012.
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Global Dynamism Index 2012: Business growth fundamentals
The Grant Thornton Global Dynamism Index (GDI) 2012, the second annual GDI survey, ranks 50 of the world's largest economies across 22 indicators of economic dynamism, examining five key areas: business operating environment; economics and growth; science and technology; labor and human capital; and the financing environment. This year’s survey looks at the progress each economy has made over the past 12 months, and indicates of the strength of each economy as a place for dynamic businesses to flourish. Among the highlights: Singapore, Finland, Sweden, Israel and Austria occupy the top five spots for most dynamic economies in the world.
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State CIOs are Advancing the C4 Agency: Balancing Legacy and Innovation
The National Association of State Chief Information Officers (NASCIO), TechAmerica and Grant Thornton LLP released the third annual survey of state CIOs based on responses from every state with an enterprise CIO organization, the District of Columbia and three U.S. territories. More than ever, these state CIOs are managing a difficult balancing act where they keep up with the old while continuing to bring in the new.
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Asset management industry update
The turbulent global economic and regulatory environment of the past three years has asset managers considering their current position and formulating growth strategies for 2012 and beyond. This publication takes a look at the current state of the industry and what lies ahead for private equity, hedge funds and mutual funds. Topics include survival of the largest and specialization of the smallest, hunt for growth and opportunity and updates on current legislative and regulatory changes.
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2012 Year-end tax guide
Our 2012 “Year-end tax guide” will help taxpayers prepare now, despite legislative uncertainty. It provides an overview of strategies to deal with specific situations and highlights top action opportunities and tax law change alerts. Also included are sections that focus on tax opportunities from a business perspective. In addition, our guide will show taxpayers how to invest for education and retirement and transfer your wealth to loved ones as tax-efficiently as possible.
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Risk and reward: Growth considerations for social and mobile technology providers
The adoption of social and mobile technology is moving faster than with the Internet-driven business transformation. Business leaders are becoming more aware of growth opportunities presented by the adoption of social and mobile technology, but their approach is with some degree of trepidation due to the perceived risks associated. In this paper, we discuss balancing these risks and provide ideas for finance, risk management and compliance executives at technology companies.
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The trouble with small tick sizes: Larger tick sizes will bring back capital formation, jobs and investor confidence
The most important provision of the Jumpstart Our Business Startups (JOBS) Act is a little-known section titled “Other Matters — Tick Size” (Title I, Section 106(b)). In it, Congress requires the SEC to conduct a study on the “transition to trading and quoting securities in one penny increments, also known as decimalization... [and] the impact that decimalization has had on the number of initial public offerings since its implementation relative to the period before its implementation.” Produced by Grant Thornton’s Capital Markets group, The trouble with small tick sizes offers quantitative and qualitative evidence that decimalization — a euphemism for the collapse in trading spreads, tick sizes and commissions — decimated the U.S. IPO market when it began in earnest with the 1998 implementation of Regulation ATS.
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Grant Thornton guide to Form W-2 reporting of group health insurance cost
This special edition of ForwardThinking reviews Notice 2012-9, which provides guidance on Form W-2 reporting to employees regarding the cost of group health insurance coverage. Eddie Adkins, a partner in Grant Thornton's Washington National Tax Office who works exclusively with nonprofit organizations, provides information in a question and answer format to serve as your guide in complying with the requirements.
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CFO Charting a Course through Stormy Seas (2012 CFO Survey)
How are federal CFOs weathering today’s financial storms and protecting their workforces in the face of staff cutbacks, increased workloads, continued pay freezes and uncertainty about the upcoming election? The 17th annual survey of more than 300 federal CFOs, conducted by the Association of Government Accountants and Grant Thornton LLP, suggests that office culture plays a significant role, among other findings.
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Understanding the international tax challenges of software as a service and cloud computing
Cloud computing is changing how many companies do business. Yet even as they harness the advantages, companies often fail to understand the international tax exposures these new business models create. Consulting with qualified tax professionals is a critical part of determining whether a cloud computing or software as a service model is appropriate and how it can be best leveraged.
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Going for growth in 2013 and beyond
Today’s supply chain leaders have revenue growth on their minds — and in sight. Part 1 of Grant Thornton LLP’s 2013 Supply Chain Insights survey series, conducted in partnership with World Trade 100 magazine, examines companies’ supply priorities and decision-making for the year. Among supply chain companies’ top concerns are operational improvements, hiring, new product launches and geographic expansions. Learn what supply chain leaders have in store for the remainder of 2013 and beyond.
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Make it last: Manufacturing ethically, responsibly and for the long haul
In our global economy, even far-flung supply chains are subject to growing scrutiny by consumers, investors, the media and regulators. Today, managing supply chain risk requires attention not just to suppliers’ finances and quality, but also to their compliance with appropriate social and ethical standards. This article, the third in a three-part series, offers considerations for manufacturers when it comes to assessing social and ethical standards, amid a flurry of other supply chain risks.
