FAAR℠'s Financial Performance Reporting Initiative Gains Visibility
October 18, 2017
FAAR℠’s mission to improve financial performance reporting of US GAAP financial statements has found itself a messenger in Thomson Reuters’s Checkpoint℠ reporting platform. Checkpoint℠ news article introduces interested readers to fundamental issues in US GAAP performance reporting for investment companies and proposals for resolving such issues. Click here to see the article.
FAAR℠’s Initiative To Improve US GAAP Financial Performance Reporting For Investment Companies
September 29, 2017
FAAR℠ has originated an initiative to significantly improve the reporting of financial performance in the financial statements of investment companies compiled in accordance with US GAAP. This initiative was actuated by the September 29, 2017 submission of a technical agenda request to the Financial Accounting Standards Board (“FASB”). The essence of FAAR℠’s initiative is to significantly improve the effectiveness of the statement of comprehensive income (aka Statement of Operations) in terms of describing how non-owner transactions and events impacted an investment company’s net asset value. FASB is considering how best to incorporate the pertinent issues into current FASB initiatives or if such issues should be considered in a stand-alone project.
An exposition was prepared as part of the submission to FASB which identified the areas requiring improvement and explained the recommended changes to US GAAP which are needed. Click here to see or save the text of the submission and exposition. Click here to view FASB’s reference to this submission posted on its website.
FAAR℠'s Engagement By Tecumseh Energy Services Inc. USA
January 2, 2017
FAAR℠ has been engaged by Tecumseh Energy Services, Inc. USA (“TES”) to provide financial, accounting, and administrative services for TES. TES is a Michigan-based corporation established in 1996 with offices in Tecumseh, Michigan and Washington DC. TES develops projects and provides consulting services to companies in the energy and energy-related industries.
The services that FAAR℠ will provide to TES will include the full suite of services involving financial modeling for investment evaluation and due diligence; accounting and reporting with respect to TES’s corporate finances; and administrative services with respect to TES’s books and records. The service arrangement will include FAAR℠’s principal, Kenneth Leung, joining TES’s Management Team as TES’s Chief Financial Officer.