When drawing up a trust, it helps to educate beneficiaries about the process or even include them in it, as it can instill in them a sense of ownership and help them to understand why certain controls are being put into place, according to panelists at the Foundation for Accounting Education’s Family Office Conference on Feb. 5.
The first proposed modifications and exceptions to U.S. Generally Accepted Accounting Principles (GAAP) to be released on the recommendation of the new Private Company Council (PCC) could make life easier for construction contractors and their CPAs, by reworking how private entities calculate goodwill and account for intangible assets, according to a speaker at the FAE’s Construction Contractors Conference on Aug. 8.
At the FAE’s Real Estate Conference on Jan. 9, a panel of chief financial officers in the real estate sector said they expect 2013 to be a year of good economic growth, mainly due to the development of a more conservative mindset in the industry when it comes to evaluating loans and investments. However, they also noted that there are several potential vulnerabilities to keep an eye on.
Though the federal government, as the result of regulations such as the Dodd-Frank Act and Basel III, is asking for additional data from financial institutions during the regulatory reporting process, there are several common misconceptions about some of its other requirements, according to federal officials who participated in a panel discussion on the regulatory environment at the FAE’s Banking Conference on Nov. 14.