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Internal Controls – Key to Mitigating Theft Risks for Auto Retailers
News item: DealersEdge reported on the case of Patricia Smith, the former dealership controller who plead guilty to stealing an estimated $10 million from an Acura dealership near Pittsburgh, PA. Ms. Smith will spend six and one-half years in prison. The crime worked out to roughly $4,000 for every day she spent in the dealership. Details are now emerging about how Ms. Smith spent the ill-gotten funds and they provide a fascinating insight into one troubled mind.
Auto Dealer, Service & Repair
Risks to Retailers
by Catherine Capozzi, Demand Media
Several entrepreneurs dream of opening a lucrative retail store, be it a high-end electronics outlet or a modest yet chic clothing boutique. However, opening a retail store is not without risk. Business owners must ensure a variety of conditions are met in order to run a successful retail store.
Retailers are often sensitive to economic conditions because they sell items typically purchased with disposable income. When economic conditions decline and consumers have less spending money, retail businesses often experience hardship. Opening a retail store carries the risk of poor timing. For instance, many entrepreneurs who went through the planning phases during the boom times of 2006 experienced financial drawbacks when the store finally opened during the great recession of 2008. Some retail store owners use downturns to their advantage. Renting storefronts, for example, can be significantly cheaper during downturns as property owners scramble to lease space. Other advantages may come from selling recession-proof items such as ready-made meals and knock-off luxury goods.
Why New CFPB Closing Form Is Driving Lenders 'Crazy'
BY BRIAN COLLINS
WASHINGTON — New disclosure rules from the Consumer Financial Protection Bureau don't go into effect until this summer, but lenders are already worried about compliance and fearing it may make the closing process far more difficult.
CT Heating Oil Dealers Condemn Regulators' Okay for Gas Plan
Heating oil dealers said a decision by regulators to allow a massive expansion of natural gas usage in Connecticut will cost thousands of jobs. The state’s Public Utility Regulatory Authority this week issued a draft decision giving the go-ahead to Governor Dannel Malloy’s proposal.
The decision calls for spending $7 billion of state money to expand gas pipelines in Connecticut and convert customers to the fuel. The aim is to sign up 280,000 more gas customers over ten years.
Affordability Still Plagues Many Households
Fifty-two percent of Americans admit they’ve had to make at least one major sacrifice in order to pay their rent or mortgage within the last three years, according to new research commissioned by the nonprofit John D. and Catherine T. MacArthur Foundation.
Real Estate, Brokers and Agents
New Investment Adviser Requirements of the Dodd-Frank Act: What CPAs Should Know
BY WESLEY G. NISSEN, ESQ. AND MILTON K. BUCKINGHAM, ESQ.
January 1, 2011
The Dodd-Frank Wall Street Reform and Consumer Protection Act, PL 111-203 (Reform Act, tinyurl.com/26zalzn), which was signed into law by President Barack Obama in July 2010, will require sweeping changes to virtually all areas of the financial services industry in the United States and will affect a wide variety of businesses and professions, including CPAs, investment advisers and financial planners. One area of particular importance to CPAs is new requirements regarding the registration of investment advisers under the Investment Advisers Act of 1940 (Advisers Act) and related matters.
Securities Broker Dealers and Advisors
Mortgage and Lending
Proposed Accounting Changes Would Affect Truck Leasing
Reforms put in motion after the financial scandals of Enron, WorldCom and others nearly a decade ago will likely soon have an effect on fleets that lease their trucks rather than buying.
Sometime between the middle and the end of 2011, the U.S. Financial Accounting Standards Board and the International Accounting Standards Board plan to issue a new accounting standard that changes how leases are reported in financial statements.
While the details have not yet been finalized, it seems pretty certain that fleets will have to start reporting operating leases as an asset on their balance sheets. Under current rules, these types of leases are totally off the balance sheet, except for footnotes, and the lease payment is simply recognized as an expense on the income statement.
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