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What does Sunil Thukral think?

I look forward to helping on any short-term/ long-term projects in any of the following areas: • External/Internal financial reporting (10K/10Q/Other SEC Reporting) • Special projects (Restatements/ S-1) • Audit readiness (Big 4 / GAAP conversions) • Financial controls testing • Mergers ... See full profile

Hi Philip.....I agree with you that the checklists are great to use. For starters it is always good to start with Excel. However, you can then...
This question is very broad question so unable to answer it till the time get a better understanding of your system requirements. I have helped many...
Loan origination fees shall be recognized over the life of the related loan as an adjustment of yield. Certain direct loan origination costs shall be...
Hi Bryan, Please note that the FIN 46R criteria is required to applied to all the entities that you are involved with, before the voting rights...
All are good suggestions here. Here are my two cents here..... 1. Make sure you have support for all the numbers in the financials and they tie to...
Hi Andy, To impair or not to impair goodwill will depend how you make the right argument with the auditors. I can provide you with some thoughts to...
Hello Alones, As mentioned earlier, I had taken a very simple example to explain the concept of recording the losses, etc. I agree with what you,...
Dear Alones......simply stated, on the date of the loss, you will need to remove the asset as you no longer have it. Simultaneously, you will need...
I agree with Lee and Bryan's comments. I will add my two cents here....we are living a new world here, where most of the actual receipts will be in...
I have seen most companies that I worked with in the past only providing soft copies of the document. In addition, you mention that you also plan to...
As of now, a U.S. company is unable to report only under IFRS. Currently, all of the U.S. companies are required to report only under U.S. GAAP....
Before planning for the next year I would personally look at each and every line item in the prior year's budget and see the "relevance" for the same...
The sooner the companies conduct an impact analysis for the adoption of IFRS, the better it will be for the future of their companies. This will...
It will depend on the specific circumstances of your business to hire or not to hire an external consultant outright. In addition, you will need to...
The fluctuations in the foreign exchange rates for the monetary items that is not considered material to the income statements can be disclosed as "...
Hi Walter....you raise very interesting point - FIRST things FIRST - analyze what you plan to do before you start executing. Most people just jump in...
Thanks for your comments Scott. That is what I also intended to say, i.e. not to disclose anything without a proper NDA being executed. However, at...
We are around the year-end reporting cycle once again, so this question becomes relevant once again. Please feel free to contact me and I can provide...
How much information that you want to disclose will depend on how firmly do you think that this strategic investor will actually invest / acquire...
Hi Barrett, you are right in stating the accounting for the capital lease accounting. I will however expand the accounting for the benefit of the...
If the lease has a bargain-purchase option then the lease will be classified as a capital lease. The bargain purchase option is one of the four...
In addition to the above excellent suggestions, I will also recommend you to focus on ensuring the compliance with the accounting rules (i.e. U.S....
If you have had an opportunity to scan or read the sections of this paper, you will understand that the decision to incorporate IFRS in U.S. is much...
The SEC staff on last Wednesday (Nov 16) released reports analyzing the current reporting practices of companies using IFRS and comparing U.S. GAAP...
Hi Ric, You are correct in stating that the CTA is also created due to the difference in the foreign exchange rates for recording the P/L items and...