Professional Accounting Blog

    Accounting For Your Prosperity

    Applying the Daubert Standard in Federal Cases

    Posted by Meaden & Moore on Jul 19, 2019 9:25:17 AM

    Topics: Investigative and Forensic Accounting

    Under Rule 702 of the Federal Rules of Evidence, an expert witness may testify if scientific, technical, or other specialized knowledge will help a judge or jury make sense of evidence or understand facts. A 1993 U.S. Supreme Court case – Daubert v. Merrell Dow Pharmaceuticals Inc. – put this rule to the test, affirming judges’ roles to act as gatekeepers against “junk science.”

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    Builder’s Risk – Tax Credit Financing

    Posted by Patrick Kelleher, CPA, CFF on Apr 24, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    Federal tax credits are a crucial component for the development and preservation of affordable rental housing. Federal tax credit financing available to the construction industry was devised by Congress and state agencies as a way to encourage private investment in projects and businesses that provide a public benefit to underserved communities.  

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    Valuation Matters When a Company Is Liquidating

    Posted by Meaden & Moore on Apr 22, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    Even in a bull market, some businesses struggle to make ends meet. Eventually, owners may decide to close the doors and liquidate a distressed company’s assets. Outside financial experts can help owners make informed decisions about the distressed company’s future and maximize liquidation proceeds. Experts can also help potential buyers of financially distressed businesses determine the appropriate asking price and conduct acquisition due diligence. Here are the details on these types of engagements.

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    Which Is Appropriate: Lost Profits or Lost Business Value?

    Posted by Meaden & Moore on Apr 19, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    The U.S. District Court for the Middle District of Pennsylvania recently awarded damages for various business torts committed against a print shop by two former employees and the competing business they started. A key question was whether lost profits or lost business value was the appropriate measure of damages.

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    5 Steps to Calculate Lost Future Earnings

    Posted by Meaden & Moore on Apr 17, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    From personal injury to wrongful termination, there are many reasons an individual might seek to recover lost earnings. However, this is no simple matter – the level of analysis can be just as complicated as estimating lost profits for a business.

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    How to Protect Expert Testimony From Daubert Challenges

    Posted by Meaden & Moore on Mar 28, 2019 8:34:00 AM

    Topics: Investigative and Forensic Accounting

    It’s been 25 years since the U.S. Supreme Court decided Daubert. The case officially made federal district court judges the “gatekeepers” of expert evidence. This article summarizes Daubert and other relevant case law on the admissibility of expert witness testimony and explains the steps attorneys can take to help ensure that their experts will withstand Daubert challenges. A sidebar discusses a Daubert challenge that focused on an expert’s qualifications.

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    Business Income Coinsurance: To Penalize Or Not To Penalize

    Posted by Meaden & Moore on Mar 21, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    We wrote previously about coinsurance penalties in the property policy arena. Coinsurance is conceptually identical in the property damage and business income arenas. Did the insured buy a limit and accompanying coinsurance percentage that understates the risk at hand? In the business income arena, describing the process to assess whether a penalty applies is more involved because the description of the Business Income value is more detailed.

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    Cash Is King – Even in Common Fraud Schemes

    Posted by Meaden & Moore on Mar 14, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    It’s probably no surprise that cash is the most popular fraud target. This article explains how forensic accounting experts identify potential cash traps, such as overbilling and phantom employee scams, and how they trace common fraud schemes through a company’s accounting systems to catch a thief.

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    Follow the Money: How Lifestyle Analysis Reveals the Truth

    Posted by Meaden & Moore on Mar 7, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    One of the most effective weapons in a forensic accountant’s arsenal is lifestyle analysis. This article talks about how experts seeking hidden assets and income sources conduct such analysis. It discusses several techniques, including the bank deposits, expenditures and asset methods. 

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    Calculating Lost Profits for Startups

    Posted by Meaden & Moore on Feb 26, 2019 8:00:00 AM

    Topics: Investigative and Forensic Accounting

    Lost profits estimates are often based off of a company’s historical performance., but the usual methods of calculating lost profits may fall short when a start-up is involved. This article explains the alternative methods of assessing lost profits that experts use for companies without an established track record.

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