Asks CPA MBA and High Growth Expert & Speaker Gary W Patterson, FiscalDoctor®
July 31, 2014 – Atlanta, Georgia – Enterprise risk management (ERM) expert and speaker Gary W. Patterson asks CEOs, Board of Directors and business leaders "How Much of Your Earnings Will Disappear at midnight on 12-31-14?"
You are thinking, "Why will this happen and how?"
Why is that new accounting regulations are here again. This time most people will record an increase in retained earnings at the cumulative adjustments date because of the nature of the new change to standardize and internationalize revenue recognition.
Two of the three categories of change will occur on 1-1-15 (You are almost there). That means you will never see some amount of net income in your income statement. Visualize a line called cumulative change in your statement of retained earnings with the net income you would have received in 2015. Visualize losing that amount of income in your income statement and still leaving behind a comparable amount of those off balance sheet expense and clean up items.
How is a phrase accountant's use called Cumulative Adjustments, when business must comply with new regulations?
Recommendation. Seize this opportunity to clean up those nagging issues most business have, but postpone addressing because they impact current year net income and bonuses. What deferred maintenance, overly optimistic balance sheet items or hope-ing basket items can you resolve before yearend? A hope-ing basket contains those items you keep putting off hope-ing for a great quarter or year to make enough money to net out the inconvenient issues.
Call me at 678-319-4739 for a free 15 minute consultation in the next two weeks.
About Fiscal Doctor Inc.
FiscalDoctor Inc. enables growth through leverage you did not know you had, and works with leaders to uncover million dollar holes to make the best business decisions and dramatically accelerate correct fiscal leadership decisions. This helps leaders gain control of their financial destinies and capitalize on hidden high return opportunities, while limiting their exposure to risk.
Patterson, a Big 4 CPA with a MBA degree from Stanford University, also speaks regularly on topics such as achieving corporate financial goals, strategic contingency planning, corporate governance, risk management and building long-term wealth.
His most recent book Million Dollar Blind Spots: 20/20 Vision for Financial Growth provides cutting edge follow-up for blind spots: how to identify them, and exploit opportunities and mitigate risk related to million dollar blind spots. Visit his website at http://www.fiscaldoctor.com and "free" fiscal fitness test at http://www.fiscaldoctor.com/fiscal-quiz/ , or call 678-319-4739.
© 2014 Gary W. Patterson. ###