• Update from REITWise 2015

    The National Association of Real Estate Investment Trusts (NAREIT) held their annual REITWise conference in Phoenix, Ariz. The latest accounting, tax, and economic issues impacting real estate investment trusts (REITs) were addressed over the course of the conference. Highlights from some of the committee meetings and sessions are summarized.
  • Detecting, testing, and reporting shifted costs

    Cost shifting is the unauthorized transfer of costs from non-reimbursable cost centers to reimbursable cost centers. Reallocated costs are the authorized repurposing of budget dollars resulting from advantageous purchasing practices or efficient delivery of construction services.
  • Banking brief: A bank consolidation wave is forming

    As has been anticipated since the end of the Great Recession, a wave of bank consolidation is very much in formation and could swell to significant levels later in 2015. On its own merit, the increase in average pricing on Q1 2015 deals to a level of just over 150% of book value strongly indicates a more robust mergers and acquisition market for banks.
  • Efficient special investigation of indicted directors ensures on time sale of publicly held bank

    Prior to the closing of the deal, certain outside directors were indicted by the US government and charged with numerous counts of fraud, misappropriation of assets, and obstruction of justice, as well as other charges related to business dealings outside of the bank. Baker Tilly was engaged to help determine the degree of involvement and influence the subject directors may have had on the bank’s operations and financial condition.