Mastery of accounting standards is critical to the evaluation of issues such as potential financial statements misstatements, auditor misconduct, insolvency, and the damages potentially resulting therefrom. However, such analysis should not be limited to the contemporaneous standards, but rather include an understanding of their evolution over time. This understanding provides increased perspective into the proper application of those standards, particularly in instances involving greater judgment and heightened risk.
This approach can be particularly relevant to evaluations of conformity with complex accounting and disclosure rules such as those applicable to mergers and acquisitions, derivatives and other complicated financial instruments, SPEs, SPACs, fair valuation of assets (and liabilities), loss contingencies, or asset impairments.
In all of these matters, it is of the utmost import to keep an eye in the rearview mirror while at the same time keeping one on the road ahead. This approach of knowing where we’ve been and where we are going, coupled with an assessment of the facts and circumstances of each case, provides the foundation upon which we build credible and persuasive opinions.
Learn more about Veris from Ocean Tomo here or contact me at [email protected] to explore this topic and how it could influence your case.