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Ronald KiimaPresident Kiima Incorporated

US GAAP: A Foreseeable Death

March 8, 2007

Analysis of:One Accounting Standard for All? | www.cfo.com

This article raises the question as to whether the U.S. Securities and Exchange Commission (“SEC”) will ultimately mandate that domestic public companies report their financial results pursuant to International Financial Reporting Standards (“IFRS”).  I believe, as a former SEC Assistant Chief Accountant who had oversight responsibility for numerous foreign private issuers, that the answer is an unequivocal “yes.” 

Ronald KiimaPresident Kiima Incorporated

Grant Thornton Supports Lease Accounting Overhaul

December 29, 2006

Analysis of:Grant Thornton LLP Supports Review of Lease Accounting Rules as FASB/IASB Working Group is Named | home.businesswire.com

 

If they do not already do so, analysts need to begin proactively adjusting their models to reflect the assets and liabilities underlying “operating” leases onto the books of the companies they follow.  It is no longer a question as to whether many current operating leases will go onto the books, its merely a question of when and how many!

Ronald KiimaPresident Kiima Incorporated

Chinese Alternative to Sarbanes-Oxley: Ready, Aim, Fire!!!

December 29, 2006

Analysis of:Accountant Gets Death Penalty | www.cfo.com

Given the endless belly-aching by Corporate America and its agents about how draconian Sarbanes-Oxley is, even in the midst of a seemingly never-ending stream of accounting scandals, I thought that a little comical perspective may be in order.  With that said, I submit this article which sets forth the Chinese alternative to Sarbanes-Oxley!

Ronald KiimaPresident Kiima Incorporated

SEC: Merry Christmas to Small Public Companies

December 29, 2006

Analysis of:PCAOB Proposes AS2 'Repeal' | www.cfo.com

 

The Public Company Accounting Oversight Board’s recent dismantling of AS2, its guide for auditors in their assessments of corporate internal controls over financial reporting, at the persistent urging of SEC Chairman Christopher Cox is further evidence of President Bush’s underlying agenda to disembowel Sarbanes-Oxley (“SOX”).  Unfortunately, the consequences of such disembowelment will likely be disproportionately borne by investors in smaller public companies.   

Ronald KiimaPresident Kiima Incorporated

Apple: Jobs in Jeopardy?

December 29, 2006

Analysis of:Apple stock on wild ride but Jobs job looks safe | biz.yahoo.com

 

Anonymous but supposedly knowledgeable sources cited in recent news articles assert that premeditated fraud was involved in the granting of certain stock options at Apple.  With such assertions once again comes the speculation as to whether Steve Jobs will survive Apple’s stock option scandal.  As a former Assistant Chief Accountant with the SEC’s Division of Corporation Finance, this posting attempts to provide guidance to those attempting to assess the situation. 

Ronald KiimaPresident Kiima Incorporated

VITESSE vs. KPMG?

December 27, 2006

Analysis of:Vitesse Explains Firing of KPMG | www.cfo.com

Vitesse had previously attributed, without any further elaboration, its termination of KPMG to a “lack of independence” which certainly raised a few eyebrows given the extensive prohibitions of Sarbanes-Oxley. As addressed in this article, Vitesse has now clarified that such “lack of independence” is solely prospective in nature given that it is considering legal action against KPMG apparently for failing to detect the various improprieties underlying its now acknowledged “accounting train wreck.”

Ronald KiimaPresident Kiima Incorporated

AUDIT COMMITTEES: FORM OVER SUBSTANCE

November 30, 2006

Analysis of:Missing: Audit Committee Accountants | www.cfo.com

This article sheds much needed light upon what I believe to be the most pervasive and significant internal control weakness among public companies…that being the absence of current and relevant technical accounting and financial reporting expertise on audit committees. As an audit committee truly serves as the last line of defense to the dissemination of erroneous or fraudulent financial reporting, it is imperative that analysts be more attentive to the technical qualifications of its members.

Marc IsraelPartnerMACFARLANES SERVICES LTD

Issues on collaboration between private equity funds

October 12, 2006

Analysis of:Buyout firms in US cartel inquiry | www.timesonline.co.uk

The DoJ probe highlights the facts that antitrust issues can arise when competing (or potentially competing) bidders coordinate their behaviour.

As the practice of joint bids is common, a large number of private equity funds - and ultimately investors - could be affected.

However, it appears that there are legitimate reasons for cooperation between competing (or potentially competing) bidders provided that the antitrust rules are respected.

Ronald KiimaPresident Kiima Incorporated

APPLE: JOBS KNEW ABOUT STOCK OPTION BACK DATING

October 9, 2006

Analysis of:Apple Computer, Inc.'s Form 8-K dated October 4, 2006 | www.sec.gov

Apple Computer today (October 4, 2006) acknowledged that its Founder/CEO Steve Jobs was aware of certain instances of stock option backdating prior to fiscal 2003. While likely to be sanctioned by the SEC, I currently believe, as a former SEC Assistant Chief Accountant, that Jobs will likely be able to retain his director and officer roles.

Ronald KiimaPresident Kiima Incorporated

BARNES & NOBLE – STOCK OPTION BACKDATING INVESTIGATIONS

August 30, 2006

Analysis of:DOJ Subpoenas Barnes & Noble | www.cfo.com

Barnes & Noble acknowledges that it is the subject of civil and criminal investigations of possible stock option backdating violations by the U.S. Securities and Exchange Commission (“SEC”) and U.S. Attorney for the Southern District of New York (“DOJ”), respectively. Any stock analysts that follow Barnes & Noble must hope for the best but prepare for the worst!

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