2009 Archived Press Releases

December 23, 2009 Grant Thornton LLP elects one new member to partnership board

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.

December 22, 2009 Grant Thornton LLP’s John (Arch) Archambault appointed to Financial Accounting Foundation’s Financial Accounting Standards Advisory Council

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.

December 17, 2009 Rear Admiral Robert Duncan (United States Coast Guard-Retired) joins Grant Thornton LLP Global Public Sector practice as executive director

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.

December 14, 2009 Grant Thornton LLP identifies top 10 state and local tax issues of 2009

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.

December 10, 2009 Grant Thornton LLP survey: Majority of companies support SEC proxy officer compensation disclosure proposal

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).

December 1, 2009 Tomkinson named managing partner of Grant Thornton LLP’s Southfield office

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.

November 30, 2009 Grant Thornton LLP Business Optimism Index reports little change with U.S. senior executives

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.

November 30, 2009 Grant Thornton LLP launches Aerospace and Defense industry group

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.

November 23, 2009 10 tips to ensure year-end charitable contributions can be deducted

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.

November 18, 2009 Grant Thornton LLP offers 10 year-end tax planning tips

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.

November 16, 2009 Majority of senior financial executives expect state taxes to increase

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.

November 12, 2009 Grant Thornton LLP John (Arch) Archambault appointed to PCAOB Standing Advisory Group

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.

November 9, 2009 Steep decline in U.S. listings attributed to existing market structure

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.

November 6, 2009 Lou Grabowsky named Chief Operating Officer of Grant Thornton LLP

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.

November 5, 2009 88% of senior financial executives believe positions of CEO and chairman of the board should be separate

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.

November 4, 2009 Only 22% of transportation companies plan to increase hiring in next six months and more than half plan to reduce bonuses

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.

November 3, 2009 Only 20% of financial institutions plan to increase hiring in next six months and more than half plan to reduce bonuses

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.

November 3, 2009 Only 12% of real estate companies plan to increase hiring in next six months and nearly two-thirds plan to reduce bonuses

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.

November 2, 2009 Only 11% of not-for-profits plan to increase hiring in next six months and half plan to reduce bonuses

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.

October 30, 2009 Additional gaming bankruptcies imminent, says Grant Thornton LLP

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.

October 29, 2009 38% of health care organizations surveyed will increase hiring

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.

October 29, 2009 Only 26% of financial services companies plan to increase hiring in next six months and nearly half plan to reduce bonuses

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.

October 29, 2009 71% of senior financial executives say that FASB should set U.S. accounting standards, not IASB or U.S. Congress

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.

October 26, 2009 40% of U.S. senior financial executives don’t want IFRS to replace GAAP

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.

October 26, 2009 Grant Thornton LLP and the Association for Corporate Growth announce the release of Private Equity in the Post-Boom Era: What’s Next?

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.

October 26, 2009 Grant Thornton LLP offers businesses and individuals year-end tax planning guide

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.

October 22, 2009 Nearly three-quarters of senior financial executives say financial statements too complex for investors

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.

October 21, 2009 Customers and in-house R&D teams are the leading sources of innovation say U.S. businesses

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.

October 20, 2009 Despite some optimism Grant Thornton LLP study finds more than one-third of manufacturing CFOs predict recession won’t end until second half of 2010

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.

October 19, 2009 National survey of senior financial executives finds majority to reduce bonuses

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.

October 16, 2009 SOX 404 deadline extended for final time; companies shouldn’t wait to comply

A recent survey of senior financial executives found that half expected the SEC to again delay the compliance deadline for Sarbanes-Oxley Section 404(b) past the current Dec. 15, 2009, deadline - and they were correct. On Oct. 2, the SEC announced the final extension of SOX 404(b) for non-accelerated filers for six months to June 15, 2010, despite the overwhelming sentiment against requiring SOX 404(b) compliance for non-accelerated filers (shared by 74% of survey respondents).

October 13, 2009 Grant Thornton LLP launches Health Care Reform Resource Center to help organizations navigate the impact of health care reform

Grant Thornton LLP today launched the Health Care Reform Resource Center to help organizations navigate the impact of health care reformchanges being debated by Congress.

October 8, 2009 National survey of senior financial executives finds only 1 in 4 plan to increase hiring in next 6 months

In a national survey of U.S. CFOs and senior comptrollers conducted by Grant Thornton, only one in four (24%) plan to increase hiring in next six months. But the economic crisis appears to be ebbing, as only 10 percent feel the economy will get worse, with the majority (77%) saying the recession will end in 2010.

October 6, 2009 Grant Thornton releases updated white paper on decline of U.S. IPO market

Grant Thornton LLP's Capital Markets Group today announced the release of Market Structure is Causing the IPO Crisis, a white paper examining the demise of initial public offerings in the United States, and offering remedies to resurrect the IPO market. The paper is a follow up to Grant Thornton's original study, Why are IPOs in the ICU?, which was published in November 2008.

September 28, 2009 Grant Thornton LLP launches Underwater Stock Option service

Grant Thornton LLP's Compensation and Benefits Consulting and Valuation Services groups have combined their resources to offer a new Underwater Stock Option service to help public companies develop strategies to address outstanding stock options that are now under water.

September 22, 2009 Grant Thornton LLP named a 2009 Working Mother Top 10 Best Company

Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations, has been named among the 2009 Working Mother 100 Best Companies for its unwavering dedication to family-friendly benefits. Although this is the fourth consecutive year that Grant Thornton has made the “Working Mother Best Companies” list, it is the first time the firm has made it into the list’s Top 10.

September 17, 2009 Can-do attitude: Grant Thornton LLP collects more than 110,000 cans of food for needy -- approximately 27 tons of food

Grant Thornton LLP collected more than 110,000 cans of food for local food pantries during the month of August. 

September 14, 2009 Grant Thornton LLP Business Optimism Index rises to 2007 level

Grant Thornton LLP's Business Optimism Index, a quarterly confidence measure of U.S. business leaders, increased again to 60.9 in August 2009 from 54.5 in May. In addition, 58 percent of respondents believe that the economy will come out of recession by the first half of 2010, but only 26 percent plan to increase hiring.

August 26, 2009 Grant Thornton LLP named one of PINK Magazine’s TOP COMPANIES for WOMEN

PINK magazine announced that Grant Thornton LLP is among the 15 companies honored on its third annual list of the "Top Companies for Women," as featured in the magazine's August/September/October issue. This is the third consecutive year that Grant Thornton has made the PINK list.

August 26, 2009 Financial Accounting Foundation Appoints Edward E. Nusbaum and Luis M. Viceira to Its Board of Trustees

The Financial Accounting Foundation (FAF) today announced that Edward E. Nusbaum and Luis M. Viceira have been appointed to the FAF Board of Trustees. The FAF is the independent, private-sector organization responsible for the oversight of the Financial Accounting Standards Board (FASB) and the Governmental Accounting Standards Board (GASB).

August 25, 2009 10,000 retail store closures expected by year end; industry challenges bring opportunities, says Grant Thornton LLP

Retail distress experts at Grant Thornton LLP's Corporate Advisory and Restructuring Services (CARS) say as many as 10,000 retail stores are expected to close by the end of 2009. To be among the survivors, companies should focus on financial management and process improvement. In a recent report, the CARS group reveals the five recession-driven trends transforming the retail sector, along with tips to capitalize on them.

August 24, 2009 Wealth surtax in House healthcare bill could lead to 10% tax increase on capital gains, dividends and wages

The Democratic healthcare reform bill currently moving through the U.S. House of Representatives would apply a new surtax of up to 5.4% on wealthy individuals and business owners.

August 17, 2009 Scott Davison named Managing Partner of Grant Thornton LLP’s Pacific Northwest Cluster

Scott Davison has been promoted to managing partner of Grant Thornton LLP's Pacific Northwest cluster, which consists of the firm's Seattle and Portland offices.

August 11, 2009 Grant Thornton LLP offers cleantech executives eight point checklist to evaluate ARRA funding

The American Recovery and Reinvestment Act of 2009 ("Stimulus Bill") provides significant grants, tax incentives and policy initiatives to stimulate investment and innovation in the cleantech sector, with significant funding being provided at federal, state and local levels. However, because the requirements differ for each program, determining which incentives to apply for is not a straightforward process. Grant Thornton LLP has created a new white paper - Navigating the cleantech stimulus: an executive summary - to assist corporate leaders in evaluating their options in the context of each organization's development status, growth plan and financial position.

August 5, 2009 Grant Thornton LLP admits 19 new partners and principals to the firm

Grant Thornton LLP admitted 19 new partners and principals to the firm, effective August 1. These partners and principals are based throughout the firm's 51 offices nationwide.

August 4, 2009 Grant Thornton LLP launches Integrated Case Solutions practice to speed companies through the bankruptcy and workout process

Grant Thornton LLP's Corporate Advisory and Restructuring Services (CARS) team today announced the launch of Integrated Case Solutions (ICS), a service providing information and claims management services to distressed middle-market and large companies involved in bankruptcies or negotiated workouts.

August 4, 2009 Grant Thornton LLP/ACG white paper examines the current state of portfolio companies

Private equity firms and their portfolio companies are experiencing some of the toughest conditions since the industry's inception. Grant Thornton LLP and the Association for Corporate Growth (ACG) just published Navigating your Portfolio through Turbulent Waters, a white paper focusing on the current state of private equity firms' portfolio companies.

August 3, 2009 Grant Thornton LLP to collect 85,000 cans of food and monetary donations for local food pantries to celebrate firm’s 85th anniversary

Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations, will collect 85,000 cans of food and monetary donations for local food pantries as the firm celebrates its 85th year providing accounting, tax and business advisory services on August 4th.

July 28, 2009 Grant Thornton LLP urges retailers, small businesses to plan refinancing strategies now

With the critical back-to-school selling season fast approaching and Christmas not far behind, retail suppliers and other small to mid-size businesses should take steps now to develop refinancing strategies for their trade credit and other loans to ensure that they have adequate liquidity, according to Grant Thornton LLP's Corporate Advisory and Restructuring Services (CARS).

July 27, 2009 Alvin Wade to lead Grant Thornton LLP’s National Construction, Real Estate and Hospitality practice

Effective August 1, Alvin Wade will lead Grant Thornton LLP's Construction, Real Estate and Hospitality (CRH) practice as the new national managing partner. Wade will be based out of the Grant Thornton’s Dallas office, one of the firm’s 51 offices in the U.S.

July 24, 2009 Grant Thornton LLP’s Peggy Wood voted president-elect of the NYSSCPA

Grant Thornton LLP Financial Services Professional Standards Partner Peggy Wood recently was installed as the president-elect of the New York State Society of Public Accountants (NYSSCPA) by the society's membership. After serving in this post for one year, Wood will automatically become president of the society June 1, 2010.

July 23, 2009 Broker-dealers brace for a changing environment

As regulators and investors demand reform and transparency, broker-dealers face a changing landscape. The latest issue of Grant Thornton LLP's SecuritiesAdviser, news and analysis for the securities industry and financial markets, explores some of the following emerging developments and how broker-dealers can prepare.

July 22, 2009 Federal Red Flags Rule goes into effect Aug. 1, 2009

NOTE TO EDITORS: The Federal Trade Commission has postponed the compliance date for the Red Flags Rule to Nov. 1, 2009. For more information, please go to http://www.ftc.gov/opa/2009/07/redflag.shtm.

Beginning Aug. 1, 2009, companies that extend any sort of credit to their customers - even something as simple as sending a bill at the end of the month - will need to have a documented, board-approved Red Flag compliance strategy in place to help combat identity theft. The Red Flags Rule, a component of the Fair and Accurate Credit Transactions (FACT) Act signed into law in December 2003, requires that financial institutions and creditors in a number of industries implement a plan to identify, detect and respond to attempts to use stolen identity information. Grant Thornton LLP's Advisory Services group has created a white paper - The Red Flags Rule: What you need to know - to help companies understand what the rule requires, determine whether it applies to them and develop a compliance strategy.

July 22, 2009 Grant Thornton LLP offers businesses and individuals guide to green tax incentives and credits

Grant Thornton LLP's National Tax Office and State and Local Tax group have produced a guide to green tax incentives and credits that businesses and individuals can take advantage of at the federal and state level.

July 13, 2009 Grant Thornton LLP SALT Alert: States take various approaches in addressing ARRA

On Feb. 17, 2009, President Barack Obama signed economic stimulus legislation, the American Recovery and Reinvestment Tax Act of 2009 (ARRA), which amends numerous provisions of the Internal Revenue Code (IRC). The legislation includes several measures that will affect state corporation income tax liability, including bonus depreciation, asset expensing, cancellation of debt income, net operating loss (NOL) carrybacks, NOL limitations after a change in ownership and S corporation built-in gains.

June 26, 2009 IDG’s Computerworld names Grant Thornton LLP to Annual List of Best Places to Work in Information Technology

IDG’s Computerworld, the “Voice of IT Management,” has selected Grant Thornton LLP as one of the top workplaces for information technology (IT) professionals. This honor is part of the weekly IT publication’s 16th annual Best Places to Work in IT survey, which was published in the June 15 issue of Computerworld and online at Computerworld.com.

June 23, 2009 Stephen Chipman named CEO of Grant Thornton LLP

Stephen Chipman will be the next CEO of Grant Thornton LLP it was announced today, succeeding Edward Nusbaum on Jan. 1, 2010.

June 22, 2009 Grant Thornton LLP teams with Anybill to enhance its state sales and use tax compliance outsourcing services

Grant Thornton LLP - the U.S. member firm of Grant Thornton International Ltd, one of the six global audit, tax and advisory organizations - has teamed with Anybill, Inc to provide clients with turnkey sales tax compliance outsourcing.

June 22, 2009 Grant Thornton LLP says transplant manufacturers will out-build Detroit in 2012, creating new opportunities for North American suppliers

The U.S. government's estimated $140 billion investment in the domestic auto industry may begin to pay off by 2012 with all three domestic automakers predicting a return to profitability. But for traditional suppliers to the "Detroit Three," the path to long-term viability will require securing more business from European and Asian transplants, who are expected to build more vehicles in North America than the Detroit-based companies, according to Grant Thornton LLP's Corporate Advisory and Restructuring Service.

June 22, 2009 AGA and Grant Thornton release annual survey of government CFOs

Governments should base transparency on eight practical principles, says a new survey of 500 public sector financial executives and managers in the United States and Canada, sponsored by the Association of Government Accountants and Grant Thornton LLP.

June 18, 2009 Rosser joins Grant Thornton LLP as national leader of Sales and Use Tax Automation practice

Greg Rosser has joined Grant Thornton LLP as an executive director and the national leader of the firm's Sales and Use Tax Automation practice. He will be based out of the firm's Houston office.

June 18, 2009 ERM can help companies mitigate risk and enhance business strategy in a down economy

In the current economic downturn, risk can emerge from both expected and unexpected channels relative to the past and for companies to weather this economic storm, organizations must respond proactively, taking the proper steps to ensure they are assessing, prioritizing and managing all risks - both old and new - in a strategic and consistent way. Grant Thornton's Advisory Services practice has created a new white paper in its CorporateGovernor series, Enterprise risk management: Creating value in a volatile economy, to help companies strategically think about how they should manage risk, particularly in this down economy.

June 17, 2009 One in five companies eliminating 401(k) matching

A recent survey of U.S. companies finds that 29 percent have already modified, or currently intend to modify, the matching contribution feature in their 401(k) plans during the 2009 plan year; two-thirds of those respondents (approximately 20 % of all respondents) report that they will eliminate the match entirely.

June 16, 2009 Telford joins Grant Thornton LLP’s national Credits and Incentives practice

Ted Telford has joined Grant Thornton LLP as a senior manager in the firm's national Credits and Incentives (C&I) practice. He will be based out of the firm's Denver office.

June 8, 2009 Gary E. Wilson becomes new partner-in-charge for Grant Thornton LLP’s Irvine, CA office

Grant Thornton LLP named Gary E. Wilson, Audit partner, as the new partner-in-charge (PIC) of the firm's Irvine office. The announcement was made recently by Richard Simitian, managing partner of Grant Thornton's Southern California practice. Wilson assumes the role from Scott Farber, Irvine Audit partner and member of the firm's Partnership Board.

June 8, 2009 Grant Thornton LLP Business Optimism Index up to pre-recession level

Grant Thornton LLP's Business Optimism Index, a quarterly confidence measure of U.S. business leaders, rose from 37.6 in February 2009 to the pre-recession level of 54.5 in May. In addition, 54 percent believe that the economy will come out of recession in the first half of 2010.

June 5, 2009 Grant Thornton LLP announces Brad Preber as managing partner for Phoenix and Albuquerque

The Phoenix office of Grant Thornton LLP, which is celebrating its five-year anniversary in the Valley this year, is pleased to announce Brad Preber, CPA, CFF, CFE, as the new office managing partner for the Phoenix and Albuquerque offices.

June 3, 2009 Edward Nusbaum named CEO of Grant Thornton International

Edward Nusbaum will serve as the next CEO of Grant Thornton International, effective January 1, 2010, it was announced today. Grant Thornton International is one of the world's leading global accounting organizations, with more than 30,000 partners and staff in over 100 countries. He succeeds David McDonnell who will retire after eight years as Grant Thornton International CEO.

June 2, 2009 Schafer joins Grant Thornton LLP as Private Wealth Services technical resource

Frances Schafer has joined Grant Thornton LLP as an executive director in the firm's National Tax Office and a technical resource for the Private Wealth Services practice. She will be based out of Grant Thornton's Washington, D.C., office.

June 1, 2009 Final Obama budget adds new tax increases for wealthy individuals, businesses and estates

President Obama unveiled new tax increases for wealthy individuals and estates with the recent release of his final budget proposal.

May 21, 2009 Grant Thornton LLP examines TALF

With new Term Asset-Backed Securities Loan Facility (TALF) loans with five-year maturities to finance purchases of commercial-mortgage-backed securities (CMBS) available in June, Grant Thornton LLP's Financial Services practice is examining the TALF program - what it means for financial service firms and how they can take advantage of it.

May 11, 2009 Grant Thornton LLP’s fair value solution: Bank regulators should adjust capital requirements to account for different economic environments, providing “dynamic regulatory capital provisioning”

In recent months, the impact of fair-value accounting (also known as mark-to-market accounting) on financial institutions and the capital markets has been the focus of considerable controversy. An equally controversial topic is the manner in which banks record losses in their loan portfolios. Last week Grant Thornton LLP issued a proposal that can (1) enhance the safety and soundness of financial institutions in difficult economic times and (2) preserve the benefits to investors of the current accounting model. Grant Thornton's proposal, summarized below, was submitted via letter to the U.S. Department of the Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation.

May 7, 2009 Grant Thornton SALT Alert: New Jersey Tax Amnesty Program

The New Jersey Division of Taxation has announced that it will offer a tax amnesty program beginning May 4, 2009, and ending June 15, 2009, for individuals, corporations and other taxpayers that owe any New Jersey state taxes.

May 6, 2009 Vast majority of real estate senior financial executives expect commercial real estate values to decline in 2009

In a national survey of real estate chief financial officers and senior comptrollers conducted by Grant Thornton LLP, 93 percent expect commercial real estate values to decline during 2009; however, 63 percent report that their company's property tax assessments have increased during the past three years.

May 4, 2009 84% of health care CFOs say economy will stay in recession throughout 2009

In a national survey of health care chief financial officers and senior comptrollers conducted by Grant Thornton LLP - the U.S. member firm of Grant Thornton International Ltd - 84 percent believe that the U.S. economy will remain in recession for the remainder of 2009, 60 percent plan on reducing business travel to cut costs and 84 percent are concerned about the cost of employee benefits

May 1, 2009 Majority of CFOs will continue to use leases as they currently do

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, 73 percent report that their company would continue to use leases more or less in the same manner as it currently does, even though the FASB and IASB have tentatively decided to eliminate the option to classify some leases as operating leases.

May 1, 2009 Majority of CFOs believe their state tax rates are going up

The majority of senior financial executives (61%) believe their companies' total effective state tax rate will increase, according to a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP. Just 2.7 percent of the executives said their rates would go down.

April 30, 2009 CFOs split over IFRS use

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, half believe that U.S. companies should be permitted to use IFRS, instead of U.S. GAAP, in financial statements filed with the SEC, while half disagree.

April 30, 2009 Grant Thornton white paper offers manufacturers 10 things to consider before doing business in China

A detailed white paper by Grant Thornton LLP and the Grant Thornton China member firm offers manufacturers 10 things to consider before doing business in China along with detailed U.S./China benchmarking and analysis on several key business processes.

April 29, 2009 International report: Middle East stock exchanges must deliver greater transparency

Transparency and corporate governance are emerging as critical issues for capital markets in the Middle East, according to a new report from Grant Thornton International Ltd, which has analyzed the region's 14 stock exchanges. The global accounting organization believes the financial crisis is accelerating the transparency agenda as international investors demand greater openness, and that the opportunity exists for the region to benefit from the eventual recovery.

April 29, 2009 Less than half of CFOs aware of FASB Accounting Standards Codification™ project although it is set to become sole source of authoritative U.S. GAAP on July 1

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP only 46 percent are aware of the FASB's Accounting Standards Codification™ project.

April 28, 2009 Senior financial executives say bonus depreciation the most popular tax stimulus provision

An overwhelming majority of senior financial executives report that their companies plan to use stimulus tax provisions, according to a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP.

April 28, 2009 Grant Thornton LLP Corporate Advisory and Restructuring Services expands Chicago office

Grant Thornton LLP Corporate Advisory and Restructuring Services today announced the appointment of Sandra Reese and Paul Melville as co-leaders of its expanded Chicago practice focused on restructuring and turnaround consulting. With prominent Chicago-based companies facing a high degree of uncertainty and many tipping into distress, Grant Thornton LLP is helping organizations adapt to a new global business model brought on by the unique events leading to this deep and prolonged recession.

April 27, 2009 Grant Thornton LLP Springs for Strength

Grant Thornton offices around the country participate in single-day fundraising event for Breast Cancer Network of Strength.

April 24, 2009 Two-thirds of public companies have no plans to use XBRL – despite SEC mandate requiring XBRL use as early as June 2009

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, 64 percent of public companies have no plans to use eXtensible Business Reporting Language (XBRL) - despite an SEC mandate requiring XBRL use as early as June 2009 and no later than 2011. While nearly two-thirds (65%) of public companies are familiar with XBRL, only 12 percent actually use it to report their companies' financial results.

April 24, 2009 86% of CFOs believe nonfinancial measurements, such as Key Performance Indicators, needed in financial reporting

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, 86 percent believe that companies should supplement their financial statements with nonfinancial measurements, such as Key Performance Indicators (KPIs).

April 23, 2009 Global survey: Women still hold less than a quarter of senior management positions in privately held businesses

New global research from Grant Thornton International reveals that women still hold less than a quarter (24%) of senior management positions in privately held businesses, a figure identical to 2007 and only a marginal improvement from 2004 when only 19 percent of senior level positions were held by women. A little over a third (34%) of privately held businesses around the world do not have women in senior management.

April 22, 2009 81% of senior financial executives say CEO and chairman positions should be separate

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, 81 percent believe that the positions of CEO and chairman of the board should be separate, nearly three-quarters (74%) think shareholders should have greater access to the proxy to nominate directors and 91 percent think shareholders should be able to access the proxy online.

April 21, 2009 National survey: Bankers see an increase in delinquencies, foreclosures and loan losses

A majority of bankers anticipate an increase in the number of delinquencies (78%), the number of foreclosures (59%) and consumer (54%) and commercial loan losses (66%), according to Grant Thornton LLP's 16th Bank Executive Survey, conducted in conjunction with Bank Director magazine. Nearly half anticipate a decrease in demand for consumer loans (50%), residential mortgage loans (46%) and commercial loans (45%).

April 17, 2009 Despite economy not-for-profit CFOs finding ready access to credit and alternate financing

While the economy takes its toll on most business sectors, 87.5 percent of not-for-profit CFOs participating in a Grant Thornton LLP study indicate that they have had no difficulties accessing credit, and 96.9 percent indicated that they had access to alternative financing structures and did not need to return to bank credit.

April 16, 2009 65% of senior financial executives say no raises for employees this year

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP 65 percent say they will cut costs by not giving out raises this year and 40 percent are more worried about their organization's ability to continue as a going concern.

April 15, 2009 Report examines better link between financial and performance data for government programs

With increasing demands for government transparency-particularly in light of the American Recovery and Reinvestment Act-Process Based Management, released by the Association of Government Accountants (AGA) and sponsored by Grant Thornton LLP, IBM and SAS, explores opportunities to better understand and communicate the link between financial and performance information.

April 15, 2009 Facing the filing deadline in a tough economy

Many Americans in tough financial situations are even more skittish than usual about filing their taxes this year.

April 13, 2009 Grant Thornton LLP examines executive compensation under TARP and ARRA

Executive compensation is an increasingly hot-button issue and new legislative developments address the public's concern that Troubled Asset Relief Program (TARP) recipients should be prevented from using rescue funds for excessive executive pay. Grant Thornton LLP's Financial Institutions practice and Compensation and Benefits Consulting group have created a white paper - The road ahead: executive compensation provisions for TARP recipients under the American Recovery and Reinvestment Act of 2009 - to outline these changes.

April 10, 2009 Only 23% of senior financial executives think economy will improve in next six months and 39% expect further headcount reductions

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, 77 percent say the U.S. economy will remain the same or get worse in the next six months, and 39 percent expect their company's headcount to decrease.

April 6, 2009 Grant Thornton LLP provides guidance on new Group Health Plan COBRA Requirements

The American Recovery and Reinvestment Act makes several important changes to the requirements employers must meet in order to comply with COBRA. Grant Thornton LLP's Compensation and Benefits practice has identified key points that companies should be aware of in the new requirements.

April 3, 2009 Eight last-minute tax planning tips

Even though the filing deadline is only two weeks away, there's no need to panic. It's not too late to employ some last-minute strategies that could help you avoid common filing season hassles and possibly uncover savings you may have overlooked.

March 23, 2009 Slight uptick in Grant Thornton LLP Business Optimism Index

Grant Thornton LLP's Business Optimism Index, a quarterly confidence measure of U.S. business leaders, saw a slight uptick of two points to 37.6 in Feb. 2009 from its all time low of 35.6 in Nov. 2008. In addition, 52 percent approved of President Obama's overall performance to date.

March 23, 2009 Obama budget seeks a trillion dollars from wealthy individuals and business owners

President Obama's first budget proposal includes unwelcome surprises for wealthy Americans: The administration is proposing to raise taxes on high-income taxpayers by almost a billion dollars.

March 20, 2009 Grant Thornton LLP named to 2009 “Companies that Care” Honor Roll

For the fifth consecutive year, Grant Thornton LLP has been named to the Center for Companies That Care Honor Roll. This distinction recognizes organizations that demonstrate an outstanding and measurable commitment to their communities, both within the workplace and beyond. Grant Thornton was one of 37 organizations chosen to receive this special honor and one of only two accounting firms named to the list.

March 19, 2009 Grant Thornton LLP launches new hedge fund registration and compliance services

In response to investor demand for greater transparency as well as pending new legislation, Grant Thornton LLP's Financial Services practice is launching Hedge Fund Internal Control, Governance and Regulatory Compliance Services. These services will help funds attract new investors who might be wary of alternative investments in light of recent news. It will also assist funds in attracting and retaining investors and assets and help them prepare for pending legislation.

March 16, 2009 National survey of plan sponsors reveals a lack of plan governance

The sponsor of a benefits plan covered by the Employee Retirement Income Security Act of 1974 (ERISA) has a fiduciary duty to operate the plan for the exclusive benefit of its participants and beneficiaries. Only 29 percent report a clear chain of authority for their plan's governance committee.

March 12, 2009 Grant Thornton LLP predicts a collapse of automotive supply chain, may occur without significant collaboration

The economic impact of a General Motors or Chrysler bankruptcy is being debated across the country. But the most immediate and pervasive risk to the economy is a wholesale collapse of the automotive supply base, Grant Thornton LLP partner Laura Marcero told the Automotive Press Association here today.

March 9, 2009 Half of U.S. companies are freezing executive base salaries in 2009

A recent survey of U.S. companies finds that half of companies are freezing executive base salaries in 2009. In addition, another 15 percent are implementing salary reduction programs.

March 3, 2009 National study identifies key factors contributing to hospitals’ high level operating performance

A new study of governance in high-performing community health systems reports that there are six key factors of good governance that contribute to a hospital's high level of operating performance.

February 26, 2009 Grant Thornton SALT Alert: Tax implications of California’s new budget

On Feb. 20, 2009, California Governor Arnold Schwarzenegger signed budget legislation that makes significant changes to California tax law.

February 25, 2009 Grant Thornton SALT Alert: Wisconsin’s new budget impacts all companies doing business in state

On Feb. 19, 2009, Wisconsin Governor Jim Doyle signed "budget adjustment" legislation that adopts a variety of corporate income tax provisions, including the adoption of combined reporting, an economic nexus standard, and economic substance principles.

February 18, 2009 Grant Thornton sees potential for ‘Going Concern Opinions’ in auto industry due to liquidity crunch, operational losses and solvency issues

The debate about the viability of the domestic automakers and their suppliers is about to be joined by a new voice: auditors. 

February 17, 2009 Grant Thornton LLP offers summary of tax provisions in stimulus bill

President Obama signed a new stimulus bill (H.R. 1) into law on Feb. 17 that includes over $300 billion in tax incentives. The bill's tax title, the American Recovery and Reinvestment Tax Act of 2009, includes sizable packages of changes for both individuals and businesses.

February 13, 2009 Grant Thornton LLP wins Public Accounting Report’s 2008 Audit Rankings

The ranking marks the first time one of the four largest accounting firms has not won PAR's annual audit ranking.

February 10, 2009 Bankruptcies expected in coming months for some of the nation’s biggest homebuilders

Based on a review of the 33 U.S. homebuilders with more than $10M in revenue, more than 30 percent are in financial distress and in danger of filing for bankruptcy, according to an analysis by Grant Thornton LLP's Corporate Advisory and Restructuring Services.

February 9, 2009 Grant Thornton LLP elects three new members to partnership board

Carolinas Managing Partner Michael McGuire, South Florida Managing Partner Doug Gawrych and Chicago Audit Practice Leader Antony Nettleton have been elected to the Grant Thornton LLP Partnership Board.

February 9, 2009 National survey finds incentives to increase U.S. drilling for oil and gas as most effective measure to reduce the cost of energy to U.S. consumers

Incentives to increase U.S. drilling for oil and gas topped the list of measures that could be taken to reduce the cost of energy to U.S. consumers, followed by conservation and increased U.S. refining/processing capacity. The findings come from Grant Thornton LLP's 7th Annual Survey of Upstream U.S. Energy Companies.

February 4, 2009 COSO releases Guidance on Monitoring Internal Control

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is pleased to announce the release of its Guidance on Monitoring Internal Control Systems. Developed by COSO and led by a diverse Grant Thornton LLP team, the guidance is designed to help organizations to better monitor the effectiveness of their internal control systems and to take timely corrective actions if needed.

January 28, 2009 Grant Thornton offers tax tips for contractors

Now more than ever, construction contractors face complex tax issues that can strain resources and drain what may be already-shrinking profits. Especially during a recessionary period, contractors need to do what they can to minimize spending by effectively managing their tax burden and protecting themselves against tax increases and assessments. With 2009 ushering in new tax changes and the economic situation worsening, construction contractors should keep in mind the these tax tips.

January 26, 2009 Grant Thornton LLP identifies IRS procedures to help cash-starved businesses

Grant Thornton LLP has developed the summary document, IRS procedures offer relief to cash-starved businesses, to help make businesses aware of procedures already available under the Internal Revenue Code (IRC) that may allow corporations to receive refunds quickly or defer payment of tax.

January 26, 2009 Over half of government contractors report revenue increases from federal businesses

While profits in the government contracting industry continue to be modest, 55 percent of government contractors experienced revenue increases from federal businesses during the past year. Only 18 percent report a decrease, according to Grant Thornton LLP's 14th Annual Government Contractor Survey.

January 21, 2009 Grant Thornton offers tax tips for hospitality property owners and managers

As hospitality property owners and managers do business throughout 2009, they should keep in mind these tax tips that can possibly minimize tax exposure.

January 21, 2009 Grant Thornton LLP identifies key programs necessary to slow the pace of auto dealership failures in 2009

Two missing links in the bailout of the domestic auto industry are consumer stimulus actions and concrete steps to quell anxiety about making big-ticket purchases during a recession, according to Grant Thornton LLP's Corporate Advisory and Restructuring Services group. With weak sales expected in 2009, especially in the first half, there are a number of steps automakers and legislators can take to spur demand and reduce what could be a huge wave of dealership failures this year, the firm said.

January 20, 2009 Grant Thornton LLP supports Key Performance Indicators as the next step in financial reporting transparency

U.S. CFOs also agree that the financial reporting system needs an overhaul. In a recent Grant Thornton LLP survey of nearly 700 U.S. CFOs and senior comptrollers, 73 percent said that financial reporting was too complex to be understandable by investors, and 84 percent would support supplementing financial statements with nonfinancial measures that provide more relevant information about their organization and its value drivers.

January 15, 2009 Nearly half of bankers report their bank is interested in participating in TARP Capital Purchase Program

Almost half of bankers (47%) expressed an interest in participating in the U.S. Department of the Treasury's Troubled Asset Relief Program (TARP) Capital Purchase Program (CPP) as a reaction to the credit crisis and subsequent consolidation in the financial services industry, while a little over half (51%) say their bank will increase its share of deposits in their marketplace. Another 46 percent report that their institution may acquire bank branches because of the credit crisis. The results are from Grant Thornton LLP's 16th Bank Executive Survey, done with Bank Director magazine.

January 14, 2009 Dismal retail sales revealed, gross margins to tell the whole story, says Grant Thornton LLP

Retail sales have been dismal, but the real damage to profitability and viability was unprecedented deep discounting, according to Grant Thornton LLP's Corporate Advisory and Restructuring Services. Department stores performed the worst, with the steepest decline in same-store sales, while luxury-apparel stores saw declining sales as consumers traded down and reduced discretionary spending.

January 13, 2009 Gruenes to lead Grant Thornton LLP’s national Consumer and Industrial Products practice

Effective January 1, Wally Gruenes, Dallas Audit partner will lead Grant Thornton LLP's Consumer and Industrial Products (CIP) practice as its new national managing partner. Gruenes succeeds Jim Maurer, who will now lead the firm's Strategic Learning group.

January 12, 2009 Global survey shows slump in optimism among privately held businesses but also pockets of hope

Optimism among privately held businesses around the world has slumped by 56 percent in the last 12 months and pushed the Grant Thornton International optimism/pessimism barometer to a record negative balance of -16 percent compared to +40 percent this time last year.

January 12, 2009 Grant Thornton offers tax tips for real estate developers and investors

As real estate developers and investors do business throughout 2009, they may face complex tax issues that can strain resources and drain profits.

January 9, 2009 Grant Thornton identifies key bridge requirements for the domestic auto industry to achieve viability by 2010

Grant Thornton LLP's Corporate Advisory and Restructuring Services group said today that the restructuring plans of General Motors Corp., Chrysler LLC and Ford Motor Company, and government loans, have forestalled a collapse of the U.S. auto industry. But the full impact of the economic recession and the magnitude of the issues facing the industry will require more bridging actions by legislators and restructuring by automakers, suppliers and dealers to ensure viability.

January 8, 2009 Bankers believe “lax underwriting standards” main cause of credit crisis

When it comes to the reasons for the current credit crisis, bankers choose "lax underwriting standards," "political emphasis on increasing home ownership" and "lack of oversight of the mortgage industry" as the top three causes for the current credit crisis.

January 7, 2009 Top 11 State and Local Tax issues for 2009

In 2009, state legislatures will be attempting to develop tax policies to stave off hard times. State budgets are under severe stress - both on a national and state level - due to the current and prospective economic environment. Grant Thornton LLP has identified 11 state and local tax (SALT) issues that will be considered by state legislative bodies in 2009 as methods by which states attempt to balance their budgets.