Barry Epstein – Epstein + Nach LLC

225 W. Illinois Street Suite 450
Chicago, IL 60654, United States

  • 312-464-3520

Credit Impairment: New Fair Value Approach to Recognition of Estimated Losses Will Apply to Both Lenders and Other Financial Reporting Enterprises Holding Financial Assets

The use of fair value accounting has greatly expanded over the past decade, and this article shows that the trend will continue. Heretofore, different financial assets have been valued alternatively at lower of cost or market,…more
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Accounting for Leases: Off-Balance Sheet Lease Arrangements About to Become Extinct

The FASB and its international standard-setting partner, IASB, have agreed on a new, uniform standard for accounting for leases that arguably will result in capitalization treatment of virtually all leases of more than one…more
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Accounting for Business Acquisitions: Xerox's 2010 ASC Acquisition Demonstrates Financial Reporting Risks

Many financial reporting frauds have historically been associated with business combinations accounted for as purchases. History shows that the improper concealment of losses through off-the-books entities, misallocation of the…more
| Mergers & Acquisitions, Securities Law

Insider Trading and Other Auditor Independence Rules: What Litigators Should Know About Accountants’ Malpractice

One of the hallmarks of the public accounting profession is the requirement that auditors be independent from their clients, both in fact and in appearance – an obligation that is not imposed on other professional service…more
| Professional Malpractice, Securities Law

The LIBOR Scandal: Are There Lessons for Auditors?

The recent LIBOR scandal raises concerns about whether independent auditors failed to appreciate the significance or risks attendant to client banks' LIBOR-quoting activities, and if so, whether this could be cited as yet…more
| International Law & Trade, Securities Law

Greek Crisis Won’t Lead to Repatriation of Earnings by U.S. Corporations

Recent details about the Greek debt crisis suggest a possible reversion to a national currency regime, with ramifications that could include currency controls. The speculation is that fear of such an outcome might spur…more
| International Law & Trade, Securities Law

China Moves to Repatriate Its Auditing Profession

In China, management of entities subject to statutory audit requirements may choose the CPA firm to employ, but in order to audit listed companies' and foreign investment enterprises' financial statements CPA firms must first be…more
| International Law & Trade, Securities Law

Auditor Liability and Litigation: FCPA Violations and other Illegal Acts by Issuer Clients

Recent news that Wal-Mart, the world’s largest retailer in terms of sales, terminated its internal probe into bribery allegations in Mexico upon discovery of violations brings the subject of illegal acts by companies to the…more
| International Law & Trade, Securities Law

SEC and PCAOB Dispute Deloitte's Stance on China Work Papers

The SEC instituted an enforcement action against Shanghai-based Deloitte Touche Tohmatsu CPA Ltd. on May 9, 2012, owing to the Firm’s on-going refusal to provide the Commission with working papers related to the audits of an…more
| International Law & Trade, Securities Law

Chinese Audit Firms: Change is Coming. When and Why this may Occur.

U.S. Big 4 accounting networks operating in China must "localize" their operations so that they are led by Chinese citizens and dominated by accountants holding China's accountancy qualifications by December 31, 2017, according…more
| International Law & Trade, Securities Law

Auditor Liability and Litigation: The Management Representation Letter

Auditor liability and accounting expert Dr. Barry Epstein explains why claiming reliance upon fraudulent or misleading information provided by the management of a company in a management representation letter is not a viable…more
| Professional Malpractice, Securities Law

The Litigators’ Guide to Auditors’ Malpractice Liability: Consequences of Failures to Understand the Reporting Entity’s Internal Controls

The subject of internal control over the financial reporting process is too often seen as a technically obscure matter having only tangential significance for the conduct of audits, and, post-Sarbanes-Oxley, as a costly…more
| Securities Law

The Olympus Fraud: Enron-esque Off-Balance-Sheet Entities Combined with a New Twist on Abusive Business Acquisitions Accounting

The massive financial reporting fraud at Olympus Corp. was made public, in mid-October, consequent to the then-CEO’s firing by the Board after challenging the highly irregular accounting for certain past investments and business…more
| Bankruptcy, Finance & Banking, Securities Law

MF Global Off-Balance-Sheet Accounting: It’s Déjà vu All Over Again

Revelations about MF Global’s accounting for its "repo-to-maturity" financing arrangements in connection with Chairman and CEO Jon Corzine’s $6.3 billion bet on European sovereign debt securities should sound very familiar to…more
| Bankruptcy, Finance & Banking, Securities Law

Alleged Olympus Fraud is Latest Example of Common Accounting Scam

Business acquisitions have long provided opportunities for companies to perpetrate various schemes for smoothing earnings or concealing losses. The Olympus machinations were a more unusual wrinkle than those more commonly…more
| Mergers & Acquisitions, Securities Law
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