Collemi Consulting & Advisory Services, LLC believes in the importance of actively participating in the profession and staying ahead of current trends and issues that impact those involved in U.S. and international financial reporting and auditing. Viewed as an industry leader, Mr. Collemi is often turned to as a source of guidance by various organizations and media outlets.
Please contact Salvatore Collemi at your earliest convenience for a free initial one hour consultation. With Mr. Collemi’s extensive experience in the public accounting profession, he has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies. In addition, his diverse senior leadership roles will provide value on a wide range of strategic, financial, regulatory compliance and global business considerations. We look forward to working with you one on one to determine a roadmap to your success.
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Know Your U.S. Financial Reporting Options
New Jersey CPA Magazine
September 21, 2015
Among a myriad of complex financial accounting and reporting matters facing financial decision makers, accountants and auditors of small to medium-sized privately held businesses in the United States, there is hope. U.S. generally accepted accounting principles (U.S. GAAP) is not the final word of financial reporting and disclosure.
Auditor Group Eyes Audit-Committee Disclosures
February 14, 2013
“Is there a way to provide more robust disclosure that doesn’t interfere with management’s responsibility to be the original source of information?” Along with the CFOs and chief executive officers who must sign off on public-company financials, the audit committee is an essential part of financial reporting. After all, it hires and oversees external auditors. But audit committees are often a missing link in the chain of corporate financial reporting that extends to shareholders, says one auditors’ group that’s looking to change all that.
A Question of Definitions
February 7, 2013
The IASB concedes that it needs to clarify its definitions of assets and liabilities for debt instruments, but other ambiguities remain.
Distinguishing between debt and equity on a corporation’s balance sheet has been no easy task for CFOs and their staffs over the years. Financial instruments today can have features of both, a situation that can lead to misreporting and dire repercussions for senior management, particularly at multinationals. Some say clearer definitions could make accounting easier for U.S.-based multinationals that report under international financial reporting standards (IFRS).
AICPA Clarifies U.S. Auditing Standards
New Jersey CPA Magazine
April 1, 2013
PCAOB to Take Next Step on Plan to Increase Audit Transparency
August 27, 2013
Audit regulators are planning to move forward on a proposal to bring more transparency to audits by requiring audit firms to identify the engagement partners and other key players in the audit.
The Public Company Accounting Standards Board says it will take action on the proposal by the end of the year, although it has not indicated if it will finalize the current proposal or issue a new one. What is clear, however, is that the plan is controversial, and audit firms and others are lining up in opposition of the measure, which they say has several unintended negative consequences.
IFRS Opportunities for Small Practitioners
New Jersey CPA Magazine
April 1, 2012
SMEs Warm to GAAP Alternatives
June 26, 2012
Alternative accounting methods are becoming more attractive to small and medium-size companies, especially with formal standards on tap. With GAAP still too complex and onerous for many small, private companies, some other financial-reporting alternatives are starting to look more appealing.
“GAAP is not the end-all, be-all. There are other alternatives out there,” said Salvatore Collemi, quality control senior manager at accounting firm Rothstein, Kass & Co., at a New York State Society of CPAs conference last week.
Mind the GAAP Alternatives
September 1, 2012
More accounting options for small and midsize companies are on the way. For small, private companies, generally accepted accounting principles can be useful — up to a point. In particular, such companies may need to base their financial statements on GAAP in order to satisfy the needs of lenders and investors. But GAAP is generally too complex, onerous, and expensive for many small companies to adopt wholesale.
New Guidance Could Add Teeth to Internal Audit
October 24, 2012
Small companies should benefit from revised internal-audit standards. They could make the chief audit executive a whole lot more popular, too.
Internal auditors will have a louder voice in their company come January 1, 2013 — that’s when new revisions to internal-auditor standards drawn up by the Institute of Internal Auditors (IIA) will go into effect.
Time to Change Accounting Procedures?
Investment Dealers Digest
February 19, 2010
Private-equity firms and hedge funds may want to shift from U.S. GAAP to Internal Financial Reporting Standards
Most dealmakers would rather be chasing a hot opportunity than worrying about accounting minutia. But the truth of the matter is that in today's environment, now is the time for private-equity firms and hedge fund managers to focus on internal issues and seek new sources of capital. During this transactional lull, it would be beneficial for some investment-management firms to explore the advantages of converting from U.S. Generally Accepted Accounting Principles (GAAP) to International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB).
Career opportunities in IFRS
July 19, 2010
IFRS is closer than many think - but that isn't all bad news
New Revenue-Recognition Rules: The Apple of Apple’s Eye?
September 16, 2009
The computer company and other tech outfits are likely to cash in on revenue-recognition changes if the new regs take on an international flavor.
While Steve Jobs was preparing to introduce the new Apple iPod nano last week, the company’s chief accountant, Betsy Rafael, was sending off a second letter to the Financial Accounting Standards Board related to revenue recognition. At issue: how FASB might rework the rules related to recognizing revenue for software that’s bundled into a product and never sold separately.
Why Small Biz Isn't Ready for IFRS
October 6, 2009
In spite of their interest in the proposed "little GAAP," small businesses are not ready to move on "IFRS light." Following the release of a private-company version of international accounting standards this summer, most smaller U.S. companies are not signing on to the idea of switching from U.S. rules — at least not yet. Accounting firms that focus on smaller businesses say their clients are in no rush to adopt International Financial Reporting Standards for small and medium-sized entities (SMEs), or “IFRS light.”
“There will have to be a cultural shift” before companies begin adopting IFRS light on a voluntary basis, posits Sal Collemi, a senior manager at accounting and audit firm Rothstein Kass. That cultural change is related to the biggest disparity between IFRS and U.S. generally accepted accounting principles: that IFRS allows for more professional judgment on the part of company management and accountants, while U.S. GAAP shields both groups with more rules and implementation guidance.