2009 In Review
Posted by Jack
Strong 4th Quater Finish
Toronto, Ontario - January, 2010 - ”Despite the strong headwinds in 2009, we had a remarkable finish.” said Martin Kossowski, Partner. “Patience, creativity and sheer tenacity were the order of the day, while leveraging our decade long history to realize a very successful year in a challenging environment.”
Osprey continued to build a strong talent pool with deep knowledge capital around Transportation and Logistics with three done deals in that space. ”The industry is highly fragmented and with overcapacity” said Robert Kheir, Partner. “Its an industry where you can use acquisitions to reduce risk and takeout hard costs on day one. The recession of 2009 only apmlified that need. Canada has become a net mover of goods and away from being a net producer of goods. Thus, it makes sense to continue to build Osprey’s expertise around that sector.”
In 2009 Osprey established new relationships with over 3 dozen Private Equity Groups to add to their existing direct relationship pool of Private Equity with access to over 500 different firms in the Osprey proprietary database. “We saw a preponderance of Private Equity appetite to do deals toward the counter-cyclicals”. said Stephen Jakob, Partner. “We currently have some search mandates toward Business-to-Business services and Medical companies. Their characteristic tends to be asset light, demographically driven and fairly immune to recessionary pressures.”
Prognosis for 2010
There is little doubt that 2009 ended much better than it began. ”There is a sigh of relief, as we enter 2010, people, institutions and main street all appear more positive” said Rick Brown, Partner. “Psychology is the first step and sign to overall improvement. ”Our research indicates there is significant pent-up demand for M&A, as many firms rode out the choppy markets in 2009. Companies are indeed finding it easier to borrow to complete deals than in the depths of the financial crisis, as indicative of our Q4 performance. Secondly, corporations are drawing a line between what’s core and what’s not core to drive corporate divestiture activity.”
Robert S. Kheir is a Partner at Osprey Capital in Toronto, Ontario, Canada. His focus and area of expertise is mid-market mergers and acquisitions. He holds BA in economics from York University, an MBA from Wilfrid Laurier University and is a Certified Management accountant. He can be reached directly at 416-867-8278. Article Source:http://www.articlesbase.com/business-ideas-articles/2009-in-review-1783461.html
2014 Unrealistic for IFERS
Posted by Jack
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IFRS Adoption by 2014. Is It Possible?
Abstract
International Financial Reporting Standards is a must if we want to continue to shrink the globe and continue to work outside the United States. A new set of standards in the United States will arise, but will it take effect in 2014? The SEC has released a five-year roadmap to reach the goal of utilizing IFRS. IFRS will ultimately benefit the United States and it the process of convergence has already begun. Although the roadmap may seem feasible, the US will not be able to complete a full adoption of IFRS by 2014.
Introduction
The SEC released a draft of a strategic plan that calls for a single set of global standards to be used by the United States. This draft is a roadmap for accounting professions in the United States to become united with 100 other counties around the world. The use of International Financial Reporting Standards (IFRS) by the United States has many benefits for society. IFRS will become more familiar with foreign investors as time passes and those investors (Gambon) may find more benefit in companies that follow IFRS rather than U.S. GAPP. This will give companies that use IFRS a competitive advantage over the United States. IFRS will also allow multinational companies to have the same financial standards for reporting. This will lead to the streamlining and savings. The SEC has encouraged a convergence of U.S. GAAP with IFRS accounting standards. This will allow for an easier transition from U.S. GAAP to IFRS. IFRS is inevitable, but it may not be feasible to have full adoption of IFRS by 2014.
IFRS Issues
IFRS has a few issues that will cause some bumps in the road for the goal of adoption by 2014. IFRS is a principles-based method of reporting. It will cause management to have a bigger role in the assembly of financial statements. The Sarbanes-Oxley Act requires management to assess the effectiveness of the issuer’s internal control over financial reporting. Management will need to ensure that the effectiveness will satisfy auditors. Employee training and new technological systems will need to be put into effect with the adoption of IFRS. $32 million is the estimated cost of the adoption of IFRS (Parks). IFRS will lead to limited interpretative guidance and limited industry guidance. As it stands U.S. GAAP contains approximately 25,000 pages of rules, while IFRS has approximately 2,000 pages of principles. The convergence or conversion of IFRS is difficult for U.S. companies that do not have foreign subsidiaries to convert to. It is difficult to expect intangible cost savings versus actual implementation costs (Gambon).
Beginning of Adoption
The beginning of the adoption of IFRS has already begun. Many are certain of the eventual conversion of convergence of U.S. GAAP to IFRS. The road has already been started. The SEC is behind the five-year plan to global standards. A survey of Big Four firms found that 70 out of 150 CFOs support IFRS (Gambon). The positive reaction to IFRS is beginning of the process. The SEC is encouraging the convergence of U.S. GAAP to IFRS. The education process has already begun. At West Chester University of Pennsylvania, IFRS has already been touched upon. Presentations and class learning has started the positive thought process of the adoption of IFRS. This is only the beginning of the adoption.
2011 Decisions
The SEC will decide whether IFRS reporting will be mandatory to public companies in 2011. The SEC’s decision will be based on the following factors. The development of improved IFRS standards will be evaluated. Currently, the SEC believes that IFRS provides limited guidance. Questions about the funding and accountability of the International Accounting Standards Board (IASB) will be a concern. The IASB will need to be an accountable organization that the United States can trust (Gambon). The SEC needs a greater level of detail that currently available from interactive data formatting for reporting IFRS financial data. The SEC will need to evaluate the education of investors, auditors and others that will work with IFRS. Professionals will need to be comfortable with IFRS for the process to run smoothly. The SEC will also need to be able to implement a positive convergence program instead of a sudden conversion. Once the SEC feels that all these factors have been met to their standards, they will discuss the definite date of the adoption of IFRS by 2014 (Marshall).
Adoption of IFRS by 2014
The adoption of IFRS by 2014 is not a definite thing. The economy of the US may take precedence over the adoption of IFRS. The SEC may have bigger fish to fry. The adoption seems to have taken the backburner to the pressing issues that the US is facing with the deficit and the problems with regulation and fraud. The multinational companies will benefit from the streamlining of costs. On the other side small companies will have to spend large amount of money on education, management, and new IT programs to comply with IFRS. This will lead to increased costs for companies who are trying to stay afloat. This will lead to negative reaction by companies who will have a big cost to implement IFRS. The SEC will need to set a definite date to force companies to make the adoption. Some will choose to reform early and they will benefit from increased efficiencies and lower costs. Others will choose to wait and force the deadline to be pushed back to accommodate them (Study).
U.S. GAAP Lives
The United States is a country based on rules and laws. The adoption of IFRS will be harder to comprehend by US companies because it is principle based. Managers will still want to follow US GAAP guidelines because it is comfortable. GAAP can be used to help lead decisions by management to follow old procedures that may be safe, if it follows under IFRS principles (Marshall).
IFRS will be happening in the near future but not as soon as 2014. Public companies can make the switch happen smoother if they start educating their employees now. Companies can also push to have the technology so they can report their financial statements correctly to IFRS. This will be a new challenge the US can take on and if the process moves steadily along in a positive direction it is possible to have a smooth switch to IFRS from U.S. GAAP.
Works Cited
Gambon, Jill. “The U.S.’s impending adoption of IFRS will have sweeping effects on the accounting industry and beyond.” Boston Business Journal. 7 Aug. 2009. Web. 1 Dec. 2009. <http://boston.bizjournals.com/boston/>.
Kelly, Christopher, Richard Kosnik, and Ted Kamman. “United States: SEC Proposes Adoption Of IFRS Financial Reporting For U.S. Issuers.” Jones Day. 20 Jan. 2009. Web. 1 Dec. 2009. <www.mondaq.com>.
Marshall, Ken. “IFRS Adoption in the United States: Hurry Up and Wait.” Corporate Compliance Insights. 22 Aug. 2009. Web. 1 Dec. 2009. <http://www.corporatecomplianceinsights.com/>.
Parks, Paul. “IFRS: Costs and Benefits.” IFRS Blog. AICPA, 2 Dec. 2008. Web. 1 Dec. 2009. <www.ifrs.com>.
- <www.financialexecutives.org>.
I’m a student at West Chester University. This article was submitted to the PICPA in 2009. Article Source:http://www.articlesbase.com/business-ideas-articles/2014-unrealistic-for-ifers-1785352.html
Latest Motorola Mobile Phones If You Crave Exclusivity – Luxcellphone
Posted by Jack
Luxury will never run out to be realized, re-issued a series of Motorola mobile phones Motorola Aura luxury Diamond Edition is plated with 18 carat gold 34 diamonds. Viewed from the shape and design of luxury mobile phone series is designed for fashion. Motorola Aura only has the capability as standard like quad-band GSM/EDGE connectivity, CrystalTalk technology, stereo Bluetooth, Music and video players, email, web browser, 2MP camera and 2GB of internal memory but nevertheless a luxury worth having.
Motorola has broken new ground in the mobile phone fashion stakes with its latest handset – the uniquely designed AURA. While the phones’ specs – which include a 2MP camera, H.264 video capture, 2GB on board memory, hands-free Bluetooth connectivity and an open source browser – don’t exactly set it apart from the pack, the craftsmanship, classic styling and high-end materials that have been utilized to create it certainly do. The immediately recognizable highlight is the circular liquid-crystal display, an industry first innovation inspired by luxury watch design that incorporates 16 million colors and 300 dpi resolution protected by a highly scratch-resistant 62-carat sapphire crystal lens. We’re not sure how practical this would be in terms of usability, but it certainly oozes elegance.
A great deal of engineering has gone into making sure you can open the phone – its drive-assisted rotating blade mechanism, relies on a 200 piece Swiss-made main bearing and Rockwell 50-55 hardened steel gears (which use the same tungsten carbide coating as high-performance racing engines) to deliver seamless access to the keypad.
Overall, the AURA consist of 700+ individual components including up-scaled, nickel-chrome-plated exposed screws and individually manufactured aluminum keys. The mirror finish is achieved with a hand-crafted, PVD coated, stainless steel housing takes nearly two weeks to sculpt, etch and polish.
This kind of craftsmanship comes at a price of course. The Motorola Aura will be available on 2010.
Exclusiveness has been blended to excellence with much extravagance to create one of the latest Motorola mobile phones – Motorola Aura. This handset has been repeatedly extracted from the classes of mobile phone gadgets and defined as immaculate craftsmanship of mobile manufacturers along with watchmakers and jewellers. A cut above glamour of Aura makes this handset to be confused as a timeless piece of jewelled accessory, when not being in use as a high-end mobile phone. The Aura is designed with no stones unturned, with extravagance that is equipped it with the Swiss-made opening mechanism for the first time.
The handset sports a distinct circular screen and interface which follows Swiss-made mechanism. Its 360 degree swivel opening mechanism and all metallic body that undoubtedly exudes an aura of excellence. Rotational cover style of Aura adds a killer look plus it also give the luxe of opening singlehandedly. Moreover, the mechanism has also added it with flexibility to open in either direction and to close it users need to move it in the reverse of the chosen opening direction. To create a whole stainless steel body, Aura R1 boasts off 15 mm thick stainless steel body being coupled with plastic resin detail. The circular user interface has proven excellent and fast responsiveness. Its user interface graphics perfectly stand compatible with its unorthodox display design.
Besides its craftsmanship of design and the display which is enabled with watch poses as a rival of any renowned Swiss watchmaker, its exclusiveness is noted once again through its 62-carat spherical sapphire-crystal display which is encompasses vibrant and vivid 16 million colour LCD display.
Furthermore, through the pursuit of making this opulent addition to the range of latest motorola phones, Motorola R1 has gone few steps further to add more shimmer to the Aura – the shimmer of diamonds in the Motorola Aura Diamonique Limited Edition and glitter of 24 carat gold in its Motorola Aura Gold. The Motorola AURA Diamoniqe Limited Edition is consisting of only 50 units and around 90 brilliantly curved diamonds that frame its circular display and sum up total 1 carat. Besides, buyers are entitled to pick the colour of diamonds they desire to set their ‘Aura’. Likewise, you can select the colour of gold for Motorola Aura Gold from variant choices including rose, rhodium black, pink besides yellow gold.
http://www.luxcellphone.com
http://www.luxcellphone.com/blog/?p=301
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Luxury will never run out to be realized, re-issued a series of Motorola mobile phones Motorola Aura luxury Diamond Edition is plated with 18 carat gold 34 diamonds. Viewed from the shape and design of luxury mobile phone series is designed for fashion. Article Source:http://www.articlesbase.com/online-business-articles/latest-motorola-mobile-phones-if-you-crave-exclusivity-luxcellphone-1788345.html