2007 archived press releases

December 19, 2007 Minneapolis partner Brad Wilson named
Grant Thornton LLP chief administrative officer

Brad Wilson has been named chief administrative officer of Grant Thornton LLP and becomes the newest member of the firm's senior leadership team. In this role, Wilson will oversee three internal client service functions: human resources, marketing and sales and information technology. Grant Thornton LLP is headquartered in Chicago, although Brad will be based out of the firm's Minneapolis office.

December 17, 2007 Grant Thornton appoints Gary R. Moss to national post

Gary R. Moss has recently been appointed to Grant Thornton's national Health Care Industry Leadership team. Moss joined Grant Thornton in June as the leader for the firm's Wisconsin Health Care Industry Practice prior to being appointed to the national post.

December 14, 2007 Grant Thornton LLP disagrees with SEC delays on 404

In testimony before the House Small Business Committee on Wednesday, December 12th, Securities and Exchange Commission (SEC) chairman Christopher Cox announced his intentions to propose another one-year delay in the effective date for non-accelerated filers (i.e., those with less than $75 million in public market capitalization) to implement Section 404(b) of the Sarbanes-Oxley Act of 2002.

December 13, 2007 Grant Thornton LLP Business Optimism Index drops again

Grant Thornton LLP's Business Optimism Index, a quarterly confidence measure of U.S. business leaders, has dropped from 59.5 in June 2007 to a new low of 54.9 - the lowest it has been since it was introduced in May 2002.

December 12, 2007 10 Tips to ensure year-end charitable contributions
can be deducted

With the year-end charitable giving season upon us, below is a list of reminders with regard to making and claiming charitable contributions for federal income tax purposes. While the list is not exhaustive, it contains some of the more common issues that can keep individuals from claiming charitable contribution deductions on their tax returns.

December 6, 2007 Tax tips for construction contractors

As 2007 comes to an end and planning for 2008 begins, construction contractors should keep in mind these tax tips that can possibly help them save money for their companies in the long run:

December 6, 2007 Tax tips for real estate developers and investors

As 2007 comes to an end and planning for 2008 begins, real estate developers and investors should keep in mind these tax tips that can possibly help them save money for their companies in the long run:

December 4, 2007 Grant Thornton LLP purchases certain assets of
Jenkintown, PA-based GR Consulting, LLC

Grant Thornton LLP today announced that it has purchased certain assets of the Jenkintown, PA-based GR Consulting, LLC (GRC). A total of three partners and 50 additional professionals will join Grant Thornton LLP on December 1, 2007.

December 3, 2007 87% of not-for-profit organizations have made governance policy changes

The governance landscape of the not-for-profit community has changed dramatically since the implementation of Sarbanes-Oxley. Today, 87 percent of not-for-profit organizations have created new governance policies compared with 20 percent in 2003, according to Grant Thornton LLP's fifth annual National Board Governance Survey for Not-for-Profit Organizations.

December 3, 2007 Raw material and energy costs are biggest threats to private manufacturing businesses

Research from Grant Thornton International shows that the increasing costs of raw materials and energy are having major impacts on cost pressures for privately held manufacturers. Globally, 61% of surveyed businesses reported being most concerned about raw materials costs and 45 % reported energy costs.

November 26, 2007 Year end tax planning tips

With 2007 coming to a close, Grant Thornton LLP offers 14 last-minute tax planning tips.

November 12, 2007 Companies with construction programs can reap savings through cost segregation

Companies with construction programs can benefit significantly from cost segregation by identifying and segregating the costs of shorter-lived property in new construction. The accelerated depreciation of these short-lived assets can result in a substantial tax benefit, according to the latest issue of Grant Thornton LLP's BuildingBusiness, a newsletter for construction and real estate industry professionals.

November 12, 2007 Great Lakes Manufacturing Report: 70% of plants increased pricing

While manufacturing companies in the Great Lakes region have seen a slight uptick in their overseas sales, the increases in production costs continue to rise faster - leading them to raise prices, according to the 2008 Grant Thornton LLP Great Lakes Manufacturing Report. The report, which measures financial and operational benchmarks within regional production facilities and plants, was developed using data from the Industry Week/Manufacturing Performance Institute 2007 Census of Manufacturers.

November 12, 2007 Revised application of UK hedge fund tax exemption results in clarity and flexibility

In the aftermath of exponential growth in the UK hedge fund sector, the industry faces unprecedented scrutiny by tax and regulatory authorities. Authorities discovered that the application of a heavily relied-on UK tax exemption had become ambiguous because of increased diversity of investment strategies and new market opportunities.

November 9, 2007 43% of CFOs do not want to be promoted to CEO

In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP 43 percent of CFO's do not want to be chief executive officer of a company one day. However, 61 percent feel that their CEO is appropriately compensated.

November 8, 2007 Financial institutions should evaluate more inherent risks – not just those required

Directors and audit committee members may oversimplify their institutions' financial statement risks by limiting their analysis to only the matters their external auditors require to be discussed.

November 8, 2007 Grant Thornton LLP opens St. Louis office

Grant Thornton LLP, the fastest growing national accounting firm over the last five years, today announced the opening of the firm's 51st U.S. location in St. Louis, to take place on November 12.

November 7, 2007 Nearly two-thirds of CFOs feel they could intentionally misstate financial statements; only half aware of XBRL

In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP 62 percent believe it would be possible to intentionally misstate their financial statement to their auditor. In addition, 47 percent of CFOs are not aware of eXtensible Business Reporting Language (XBRL), the new standard for tagged business information.

November 5, 2007 Denver’s Michael Ebedes named International Business Center co-director for Grant Thornton LLP’s central region

Michael Ebedes, a partner and the assurance practice leader in Grant Thornton LLP's Denver office, has been named co-director of the firm's central region International Business Center (IBC). Ebedes will work closely with the region's other IBC co-director, Brian Dill, a Dallas international tax consulting principal.

November 2, 2007 15% of businesses plan to reduce health care benefits to employees in coming year

In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP 15 percent of those who provide health care to employees, plan to reduce these benefits in the next 12 months.

October 31, 2007 79% of CFOs say that CEO and Chairman roles should be separate

In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP, more than three-quarters (79%) believe that the roles of chief executive officer (CEO) and chairman should be held by different people. In addition, three-quarters of the respondents think that the Securities and Exchange Commission (SEC) should revise the 8-k rules to require reasons for all company dismissals to auditors, for all auditor resignations and for all instances in which the auditor chooses not to stand for reappointment.

October 25, 2007 Majority of CFOs do not agree with SEC on IFRS – More than three-fourths have no experience in preparing IFRS statements

In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP 56 percent do not agree with the SEC's proposal to permit foreign firms listed on U.S. exchanges to file financial statements prepared according to International Financial Reporting Standards (IFRS) without reconciliation to U.S. Generally Accepted Accounting Principles (GAAP).

October 23, 2007 Fred Murray joins Grant Thornton LLP’s Tax Practice Policy and Quality group

Fred Murray recently joined Grant Thornton LLP as a director in the firm's Tax Practice Policy and Quality function, which manages tax practice policy, quality and risk management issues for the firm's Tax Services practice, including compliance with applicable statutory, regulatory, and professional standards, and developing and delivering thought leadership and education programs in related matters. He is based in the firm's Washington, D.C. office.

October 23, 2007 Grant Thornton LLP recognized for support of women entrepreneurs

Grant Thornton LLP will receive the prestigious "Trusted Advisor" award from Springboard Enterprises, a national not-for-profit organization dedicated to accelerating women's access to the equity markets, at a dinner tonight. The award recognizes the significant role Grant Thornton has played in supporting women entrepreneurs over the years.

October 22, 2007 National survey finds strong support for government regulation of companies’ environmental impact

A national survey of senior executives by accounting firm Grant Thornton LLP, finds strong support for environmental regulation of companies, and moderate support for regulation on social issues.

October 19, 2007 National Grant Thornton LLP Survey of Manufacturer CFOs Finds Lag in Adopting XBRL Standards

Only 50 percent of CFOs at manufacturing facilities are aware of Extensible Business Reporting Language (XBRL) to define and exchange business and financial performance information, according to a survey by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting organizations. The data is derived from 48 manufacturing industry CFOs in a survey of 219 CFOs across a variety of industries.

October 19, 2007 Despite softening in manufacturing sector, CFOs see improving outlook for remainder of 2007

While recent news from the manufacturing sector isn't bullish, 42 percent of chief financial officers (CFOs) and senior comptrollers at manufacturing companies project that their financial prospects will improve through the remainder of 2007, according to a survey by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting organizations.

October 18, 2007 CFOs optimistic on economy and company prospects

In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations, 64 percent believe that the U.S. economy will improve or remain the same for the remainder of 2007, and 88 percent expect their company's financial prospects to improve or remain the same.

October 17, 2007 Grant Thornton LLP posts 17% rise in fiscal 2007 revenues to $1 billion

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, today reported that revenues climbed 17 percent in the fiscal year ending July 31, 2007, to $1.036 billion. Of the 1,896 new client engagements, 1-in-5 were companies with global operations.

October 17, 2007 Grant Thornton LLP’s Jacqueline Akerblom named National Managing Partner of Women’s Initiatives and Programs

Grant Thornton LLP has named Jacqueline Akerblom the national managing partner of Women's Initiatives and Programs. Akerblom, an assurance partner and the international business center director for Northern California, will now dedicate fifty percent of her time to leading the women's programs throughout Grant Thornton's 50 national offices. Recently recognized as a Woman of Distinction by the Silicon Valley/San Jose Business Journal, Akerblom will drive the firm's efforts as its commitment to women's initiatives and programs continues to be a top priority.

October 15, 2007 Majority of CFOs want more accounting firm choices, believe that greater competition will increase quality and reduce fees

In a national survey of chief financial officers and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations, 56 percent think there are too few accounting firms to ensure competition, and 69 percent think more competition in the accounting profession would increase quality of service and decrease price.

October 4, 2007 Two Grant Thornton LLP not-for-profit partners chosen for AICPA appointments

CHICAGO, October 4, 2007 - Two partners in Grant Thornton LLP's not-for-profit practice have recently been appointed to positions within the American Institute of Certified Public Accountants (AICPA).

September 25, 2007 Grant Thornton LLP admits three new NFP partners

Grant Thornton LLP has recently admitted three new not-for-profit industry partners. Across the firm, Grant Thornton admitted 38 new partners and principals.

September 25, 2007 Grant Thornton LLP named a 2007 Working Mother 100 Best Company by Working Mother Magazine

Working Mother magazine today named Grant Thornton LLP a 2007 Working Mother Best Company for Working Mothers. Leading a significant and ongoing cultural initiative, Grant Thornton is using company-wide benefits and programs to ensure the retention and advancement of working mothers.

September 20, 2007 Universities should work to rebuild trust after student loan scandal

Many states' attorneys general have initiated investigations after recent allegations that some student loan providers' marketing efforts may have included inappropriate rewards to universities' financial aid officers. As a result, both students and parents have lost confidence in the integrity of many institutions' practices and services.

September 18, 2007 Grant Thornton LLP opens San Antonio office

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, today announced the opening of the firm's 50th U.S. location in San Antonio, Tex. Initially, the San Antonio office will support the first expansion of Grant Thornton's Global Public Sector (GPS) practice outside of the Washington, D.C., area.

September 17, 2007 Grant Thornton LLP named a “Best and Brightest” company to work for in Metro Detroit

Grant Thornton LLP has been selected as one of Metropolitan Detroit's 101 Best and Brightest Companies to Work For, as awarded by The Michigan Business & Professional Association. The award will presented at a ceremony on October 4, 2007 at the Conference and Events Center in Dearborn.

September 17, 2007 COSO releases Discussion Document with Guidance on Monitoring Internal Control

The Committee of Sponsoring Organizations of the Treadway Commission (COSO) is pleased to announce the release of its discussion document: Guidance on Monitoring Internal Control Systems. Developed by COSO and led by a diverse Grant Thornton LLP team, the guidance is designed to help organizations monitor the quality of their internal control systems.

September 12, 2007 Grant Thornton LLP survey finds that manufacturers
credit corporate responsibility with enhancing profitability
and business strategy

More than three quarters of manufacturers believe that corporate responsibility initiatives can enhance profitability and that corporate responsibility will have a major impact on business strategies over the next few years, according to a survey by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting organizations. The data is derived from 159 manufacturing industry respondents in a survey of more than 500 business executives.

September 11, 2007 Fowler to lead Grant Thornton LLP National Tax Process Group

Jamie Fowler, a Grant Thornton LLP tax partner, has been promoted to the firm's new National Managing Partner- National Tax Process Group position, effective August 21. As a result of this position, Fowler will join the firm's National Leadership and National Tax Leadership Teams.

September 10, 2007 Executives say corporate responsibility can be profitable

Company executives believe that corporate responsibility programs can positively impact their business and help achieve strategic goals, according to a survey of more than 500 business executives conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting organizations.

September 4, 2007 U.S. middle market corporate executives and M&A professionals target more cross-border deals

U.S. mid-market corporate executives and merger professionals are looking to aggressively target cross-border acquisitions in the next 12 months, according to a survey of more than 200 U.S. active representatives of middle-market companies, investment banks, private equity firms, law firms, accountants and consultants by ACG (Association for Corporate Growth), Grant Thornton LLP, and Eureka Private Equity.

August 30, 2007 IRS guidance demands quality in R&D tax credit claims

Recent IRS guidance may affect high-tech taxpayers' ability to substantiate or defend claims for research and development (R&D) tax credits. Although Congress has extended and expanded the credit, the number of R&D tax credit cases handled by the IRS appeals office has doubled in the past few years.

August 28, 2007 Grant Thornton LLP expands into the San Diego market with new office in Del Mar

Grant Thornton LLP, the fastest growing national accounting firm over the last five years has opened a new office in San Diego.

August 21, 2007 Many partnerships keep two sets of books instead of required three

With the next earnings season around the corner, many partnerships and limited liability companies (LLC) taxed as partnerships may find it surprising that they should be keeping three sets of books. These entities generally only maintain two sets of books: generally accepted accounting principles (GAAP) basis and tax basis.

August 21, 2007 SOX implementation for smaller public financial institutions

Even after the fifth year anniversary, the discussion over the cost and burden of Section 404 of the Sarbanes Oxley Act (SOX) continues. Over the last year, the Securities and Exchange Commission (SEC), the Public Company Accounting Oversight Board (PCAOB), and the Committee of Sponsoring Organizations of the Treadway Commission (COSO) have worked hard to improve regulations and provide better guidance for the implementation of SOX, especially for smaller public companies.

August 9, 2007 Grant Thornton Optimism Index drops to lowest point in 7 years

Grant Thornton LLP's Business Optimism Index, a semiannual confidence measure of U.S. business leaders, has again dropped from 64.1 in November 2006 to 59.5 - the lowest it has been since it was introduced in May 2002.

August 8, 2007 Auclair to head Grant Thornton’s National Tax Office

David Auclair will lead Grant Thornton LLP's National Tax Office (NTO) as the group's managing principal. Dean Jorgensen, who previously headed the group, has moved into the role of the New York cluster's tax practice leader and the Northeast region tax partner.

August 7, 2007 Hedge fund managers’ compensation plans affected by 409A regulations

The final IRS Section 409A regulations, which will become effective Jan. 1, 2008, will impact hedge fund managers' nonqualified compensation plans.

August 7, 2007 Bowen joins Grant Thornton as National Transfer Pricing leader

David Bowen has joined Grant Thornton as a principal and the firm's national transfer pricing service-line leader.

August 7, 2007 Phil Wedemeyer joins Grant Thornton LLP’s
National Professional Standards Group

Phil Wedemeyer has joined Grant Thornton LLP, the U.S. member firm of Grant Thornton International, as a partner in the National Professional Standards Group. Wedemeyer most recently worked at the Public Company Accounting Oversight Board (PCAOB) where he established and directed the Office of Research and Analysis.

August 3, 2007 SEC Chairman announces members of Advisory Committee on Improvements to Financial Reporting

Grant Thornton CEO Ed Nusbaum appointed to SEC Advisory Committee on Improvements to Financial Reporting

Securities and Exchange Commission (SEC) Chairman Christopher Cox recently announced the appointment of new members to the SEC Advisory Committee on Improvements to Financial Reporting, one of whom is Grant Thornton LLP's chief executive officer Edward Nusbaum.

July 31, 2007 Grant Thornton LLP admits 38 new partners and principals to the firm

Grant Thornton LLP will admit 38 new partners and principals to the firm, effective August 1. These partners and principals are based throughout 51 Grant Thornton offices nationwide.

July 25, 2007 One out of three U.S. private businesses to change hands in next 10 years

The latest findings from the Grant Thornton International Business Report (IBR) shows that one out of three (33%) of private companies in the U.S. report that they expect to change hands in the next 10 years. Comparatively, only 28% of privately held businesses around the world are expected to change hands within the same period.

July 19, 2007 China's reform needs foundation

Op-ed on accounting in China that appeared in the Financial Times on July 19, 2007. The article was written by Stephen Chipman a partner and chief executive officer of the Grant Thornton China Management Company.

July 17, 2007 American Express, AFLAC and Wachovia
among the “Elite Eight”: PINK Magazine’s
inaugural list of top companies for women

PINK magazine today announced its inaugural list of the Top Companies for Women, to be featured in the magazine's August-September issue. Making up this year's Elite Eight companies for women are American Express Co., Heller Ehrman LLP, Kelly Services, Aflac Inc., FedEx Services, Grant Thornton LLP, Turner Broadcasting System Inc. and Wachovia Corp. Bebe Stores Inc. received an honorable mention.

July 10, 2007 Grant Thornton International welcomes the merger of
Grant Thornton Ireland and RSM Robson Rhodes

David McDonnell, chief executive officer of Grant Thornton International today announced the merger between Grant Thornton's Irish member firm and RSM Robson Rhodes in Ireland, which follows on from the merger of Grant Thornton UK LLP and the UK division of RSM Robson Rhodes LLP.

July 3, 2007 Moores Rowland partners and staff to join Grant Thornton Hong Kong

Leading accounting firm Grant Thornton, the Hong Kong member firm of Grant Thornton International, today announces the joining of six partners and 80 employees from Moores Rowland.

July 2, 2007 Grant Thornton LLP partner, Cono Fusco, comments on CED’s new report urging end to “short-termism”

The Committee for Economic Development's Subcommittee on Corporate Governance issued a report last week calling for an end to corporate practices that foster "short-termism" at the expense of building long-term corporate value. The report, entitled Built to Last, outlines specific steps that Boards of Directors can consider to redress the balance between a focus on short-term results and longer-term corporate growth.

June 28, 2007 IDG’s Computerworld names Grant Thornton LLP as No.15 Best Place to Work in Information Technology

Grant Thornton LLP, the accounting, tax and business advisory services firm, announced today that IDG's Computerworld, the "Voice of IT Management," has selected the firm as the No.15 best workplace for information technology (IT) professionals. This honor is part of the weekly IT publication's 14th annual Best Places to Work in IT survey, which was published in the June 18 issue and online at Computerworld.com.

June 28, 2007 Tech companies still struggle with accounting for stock-based compensation

Technology companies are still struggling with the challenges brought on by Financial Accounting Statement 123(R), Share-Based Payment. Some of the implementation issues they continue to face include methods for valuing stock options, applying an accurate forfeiture rate assumption to compensation cost, and reconciling the effect of 123(R) on income taxes, according to a Grant Thornton LLP survey of technology industry executives on how technology companies are using and accounting for stock-based compensation.

June 28, 2007 CFO survey released by AGA and Grant Thornton

Grant Thornton LLP and the Association of Government Accountants (AGA) today released the 11th annual survey of federal government chief financial officers. The report, Scoring Financial Management & Oversight Efforts, was distributed earlier this week at AGA's annual Professional Development Conference in Nashville, Tenn.

June 26, 2007 7 steps for complying with deferred compensation plan rules

New rules for nonqualified deferred compensation plans under Internal Revenue Code Sec. 409A went into effect on Jan. 1, 2005. Recently, the IRS issued final regulations to provide guidance on the rules. Grant Thornton LLP has developed a Quick Reference Guide to Complying with the Sec. 409A Deferred Compensation Plan Rules that provides seven suggested steps to help companies comply with the rules.

June 21, 2007 Grant Thornton LLP Statement on SEC decision on foreign companies and GAAP

Grant Thornton LLP strongly supports the Securities and Exchange Commission in its decision to allow foreign private issuers, when reporting financial results in the United States, to prepare their financial statements in accordance with International Financial Reporting Standards as published by the International Accounting Standards Board without reconciliation to U.S. Generally Accepted Accounting Principles.

June 20, 2007 Grant Thornton Survey of Upstream U.S. Energy Companies wins marketing achievement award

Grant Thornton LLP's Survey of Upstream U.S. Energy Companies won the Marketing Achievement Award (MAA) in the "survey/research" category presented at the 18^th Annual Conference of the Association for Accounting Marketing (AAM). The awards were presented at the organization's AAM Summit 2007, Uncharted Waters in Savannah, Ga.

June 19, 2007 Healthier food choices will drive food and beverage industry, according to Grant Thornton survey

June 15, 2007 Grant Thornton LLP named to “The Best Places to Work in Greater Washington” list

Grant Thornton LLP's D.C. area offices were selected as one of the "Best Places to Work in Greater Washington" by the Washington Business Journal. The firm ranked seventh out of the 15 finalists for Large Companies with Non-Local Headquarters and was the highest ranked international accounting firm amongst the finalists. The firm's D.C. area is comprised of offices in Washington, D.C., Alexandria, Va., and McLean, Va.

June 12, 2007 Operating internationally can have U.S. tax consequences for not-for-profit organizations

Not-for-profit organizations with either international operations or foreign investments (e.g., off shore hedge funds, private equity funds etc.) may face U.S. tax consequences. To comply with tax laws in the United States and in foreign jurisdictions, tax-exempt organizations need to work with people who specialize in both U.S. tax-exempt and international tax law, according to Grant Thornton's most recent issue of NFPerspectives, a quarterly newsletter for not-for-profit organizations.

May 31, 2007 Walter Goldberg joins Grant Thornton’s National Tax Office

Walter Goldberg has joined Grant Thornton LLP's National Tax Office in Washington, DC, as an executive director and the IRS Practice and Procedure technical practice leader.

May 30, 2007 Chinese business leaders are world's most stressed

Mainland Chinese business leaders are the most stressed in the world, with 84% reporting an increase in stress levels compared to last year, according to the Grant Thornton International Business Report (IBR).

May 24, 2007 Grant Thornton LLP Statement on SEC and PCAOB actions
on internal controls

Grant Thornton LLP applauds the SEC and the PCAOB for their efforts in addressing the legitimate concerns of the capital markets while still reinforcing the value of Sarbanes-Oxley to investors.

May 23, 2007 Jim Burton to lead Grant Thornton’s Denver office

Grant Thornton LLP announces the promotion of Jim Burton to managing partner of the Denver office, effective July 1, 2007. As the managing partner, Burton is responsible for all office operations including client service and professional matters. Brett Lewis, the current managing partner, will be returning to his home state to lead the firm's Kansas City, Mo. office.

May 22, 2007 Advanced security technology not enough to prevent identity theft in financial institutions

With the number of identity theft incidents on the rise in the United States, there is a definite need for financial institutions to focus on data management, not just data storage. A key element of data protection in financial institutions is maintaining effective policies for security methods, according to the most recent issue of Grant Thornton LLP's Currency, a newsletter for bank executives.

May 21, 2007 Grant Thornton LLP launches India Tax and Business Services Gateway

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, has launched an India Tax and Business Services Gateway that will assist U.S. companies interested in either establishing a presence or structuring investments in India.

May 15, 2007 Health care organizations can increase cash flow with cost segregation studies

Cost segregation studies usually benefit health care facilities, skilled nursing facilities and assisted living facilities the most, but many fail to prioritize this tax savings process, according to Grant Thornton's most recent edition of Health CareRx, a newsletter for health care executives.

May 9, 2007 Grant Thornton LLP helps in Y-ME National Breast Cancer Organization’s Mother’s Day events

As National Official Sponsors, hundreds of Grant Thornton LLP employees, friends and family members will participate in Y-ME Mother's Day events in 11 cities - Atlanta; Chicago; Cleveland; Denver; Houston; Miami; Phoenix; Seattle; San Diego; Tulsa, Okla.; and Washington, D.C. - across the country on Sunday, May 13th. Grant Thornton employees will join in the day's activities and hand out the red roses for which Grant Thornton has become known.

May 7, 2007 Jack DiFranco assumes leadership of Grant Thornton’s Corporate Finance Practice

Jack DiFranco, principal in Grant Thornton LLP's Detroit office, is assuming leadership of the firm's Corporate Finance practice.

May 7, 2007 Grant Thornton managing partner Ben Bender retires

After 38 years with Grant Thornton LLP, Ben Bender, managing partner of the firm's Houston office, announced that he will retire at the end of the firm's fiscal year on July 31, 2007. As of May 1, Justin Gannon, currently managing partner of Grant Thornton's Kansas City office, will assume Bender's role in Houston, allowing for an extended transition period.

May 1, 2007 Mark E. Toney to co-lead Grant Thornton LLP Recovery & Reorganization Services

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, announces the addition of Mark E. Toney as managing principal and co-leader of its Recovery & Reorganization Services practice. This announcement comes on the one-year anniversary of the launch of the practice in the United States.

May 1, 2007 Joint ventures help construction contractors secure work

The latest issue of Grant Thornton LLP's BuildingBusiness, a newsletter for construction, real estate and hospitality industry professionals, looks at the benefits of joint venture agreements for construction contractors, under which companies can share and mitigate construction risk.

April 30, 2007 Brett Lewis to lead Grant Thornton’s Kansas City office

Grant Thornton LLP announces the appointment of Brett Lewis to managing partner of the Kansas City office, effective May 1, 2007. As the managing partner, Lewis is responsible for all office operations including client service and professional matters. Justin Gannon, the current managing partner, will now lead the firm's Houston office.

April 26, 2007 Comparative benchmarking poses difficult challenges for universities

Though most universities would like to compare their performance with other institutions, efforts at comparative benchmarking usually have more problems than benefits, according to the latest edition of Grant Thornton LLP's OnCourse, a newsletter for higher education trustees and administrators.

April 25, 2007 Reg NMS and portfolio margining rules will have major impact on securities and commodities industry

Two new regulatory initiatives scheduled for implementation this year could introduce some challenges and risks to the securities and commodities industry, according to Grant Thornton's most recent edition of SecuritiesAdviser.

April 24, 2007 Nine out of 10 U.S. business leaders say strong execution allows for innovation

Almost nine out of 10 U.S. business leaders (87%) think that a superior level of execution provides the bandwidth to focus on innovation, according to the Grant Thornton LLP Survey of U.S. Business Leaders, 14^th Edition.

April 23, 2007 Understanding security and corporate data theft

In recent years, examples of corporate breaches in IT security and data theft have become increasingly prevalent, as the digitalization and electronic storage of information continue to grow in popularity. This risk of exposure and thief of sensitive information for companies is quantifiable, with more than 150 million personal data records compromised in the United States over past two years alone.

April 23, 2007 Only 59% of CFO’s aware of XBRL; but half believe it will be mandatory SEC filing format

In a national survey of CFO's and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, only 59% of CFO's aware of XBRL, but half believe it will be a mandatory SEC filing format.

April 20, 2007 More than three-quarters of CFO’s believe that CEO, Chairman duties should be split

In a national survey of CFO’s and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, more than three-quarters (78%) believe that the roles of CEO and chairman should be held by different people. Currently, approximately 65 percent of Fortune 500 companies are led by a CEO who is also Chairman of the Board.

April 19, 2007 Less than 15% of CFOs plan to make use of the fair value option

In a national survey of CFO’s and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, less than 15 percent (14.18%) say they plan on making use of the fair value option and only five percent say they plan to adopt both Statement 157 and the fair value option early.

April 18, 2007 67% of CFO’s believe that the SEC should revise 8-K rules

In a national survey of CFO's and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, 67 percent believe that the United States Securities and Exchange Commission (SEC) should revise 8-K rules to require reasons for all company dismissals of auditors, for all auditor resignations and for all instances in which the auditor chooses not to stand for re-election.

April 17, 2007 Nearly 1/3 of CFO’s plan to leave their company in next 3 years, while 75% of companies have no CFO succession plan in place

In a national survey of CFO's and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International, nearly 1/3 (29%) of CFO's plan to leave their company in the next three years, while 75 percent of companies do not have a CFO succession plan in place. In addition, one-in-five (22%) feel that their CEO is paid too much, and nearly half feel the gap between their CEO and their CFO pay is too great.

April 16, 2007 Chief Financial Officers bullish on economy – strong growth and inflation under control

April 6, 2007 Grant Thornton’s Jacqueline Akerblom Selected as Honoree for the “Women of Distinction” Award

Grant Thornton LLP is pleased to announce that Jacqueline Akerblom, the global accounting firm's assurance partner and International Business Center Director for Northern California, was recognized as an honoree for the Silicon Valley/San Jose Business Journal's Women of Distinction Award in the Business Services category.

April 5, 2007 Recent FASB statement will affect the way hedge funds measure fair value

Last fall, the Financial Accounting Standards Board (FASB) issued Statement No.157, Fair Value Measurements (FAS 157), which was designed to provide expanded information to investors about the extent to which entities, including hedge funds, measure fair value, according to Grant Thornton LLP's latest edition of HedgeFund Adviser.

April 4, 2007 Not-for-profit organizations should monitor watchdog agencies' analyst reports

Not-for-profit organizations should keep tabs on watchdog agencies that are monitoring and providing professional analysis of their organizations, according to Grant Thornton's new issue of ForwardThinking, a newsletter for not-for-profit board members and executives.

April 3, 2007 National Survey: Majority of bankers plan to increase technology spending in 2007

More than seven in 10 bankers (73%) plan to increase their technology expenditures in 2007, according to Grant Thornton's 14th Annual Survey of Bank Executives. More than eight in 10 bankers (84%) cite "enhancing use of technology to improve productivity" as essential to their success, but fewer than six in 10 (58%) express confidence in their ability to do so.

March 27, 2007 FIN 48 to have significant impact on technology companies

Financial Accounting Standards Board Interpretation No. 48, Accounting for Uncertainty in Income Taxes, of FASB Statement No. 109 (FIN 48), will have a significant impact on how technology companies measure, record and disclose tax reserves relating to income tax uncertainties, according to Grant Thornton LLP's inaugural issue of TechDashboard, a newsletter for technology industry executives.

March 27, 2007 National Survey: Bond producers have optimistic outlook for surety market in 2007

March 27, 2007 Grabowsky to lead Grant Thornton LLP Central Region

Grant Thornton LLP announces the promotion of Lou Grabowsky to Central Region Managing Partner and Randy Robason as Managing Partner of the firm's Dallas office.  Robason will transition from the firm's Charlotte office where he was the Southeast Region Tax Practice Leader.

March 21, 2007 Grant Thornton named to 2007 “Companies That Care” Honor Roll

For the third consecutive year, Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the six global accounting, tax and business advisory organizations, has been named to the Center for Companies That Care Honor Roll. This distinction recognizes organizations that demonstrate an outstanding and measurable commitment to their communities, both within the workplace and beyond.

March 14, 2007 National survey: Pharmacies spend more than $10 to dispense a prescription

The national average cost of dispensing prescription medication for retail pharmacies is $10.50 per prescription, according to a national study conducted by the Coalition for Community Pharmacy Action (CCPA), with financial support from the Community Pharmacy Foundation (CPF), and with data collection and analysis assistance from Grant Thornton LLP and The MPI Group. The study, which analyzed data from March through August 2006, covered more than 832 million prescriptions filled by over 23,000 pharmacies.

March 13, 2007 Thrilling customers helps U.S. businesses stand out

The vast majority of business leaders nationwide agree that companies must "thrill" their customers in order to stand out from their competition, according to the Grant Thornton LLP Survey of U.S. Business Leaders, 14^th Edition. A near-consensus (92%) of respondents believes that companies should move beyond meeting and exceeding customer expectations and work on thrilling their customers.

March 7, 2007 Grant Thornton LLP tax legislative update: Small businesses gain; budget offers tax gap proposals; hearings on AMT reform set

Since the beginning of the first session of the 110^th Congress, both the House of Representatives and the Senate have been very busy considering tax-related initiatives, including the Small Business Tax Act, the President’s 2008 Budget proposals and possible reform of the Alternative Minimum Tax.

March 6, 2007 Government contractors report higher revenues over previous year

More than half (53%) of government contractors report that their revenues have increased over the prior year, according to the 12^th Annual Grant Thornton Government Contracting Survey. Less than a quarter (22%) say that they suffered a reduction in their revenues.

March 6, 2007 Uncertainty surrounding natural gas and oil prices top concern for energy executives in 2007

Accounting, tax and business advisory firm Grant Thornton LLP announced today that, according to its 2007 Survey of Upstream U.S. Energy Companies, the top concern among energy executives is the uncertainty of natural gas and oil prices in the near future.

March 5, 2007 Grant Thornton LLP 2006 revenues rise 18.2% to $940 million

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, today reported that revenues climbed 18.2 percent in the calendar year ending Dec. 31, 2006, to $940 million. The total number of Grant Thornton employees increased 14 percent to 5,454, and the number of partners increased 15 percent to 489.

February 26, 2007 National Survey: Number of public and mutual institutions that may go public in next three years increases dramatically

A national survey conducted by Grant Thornton LLP finds that 12 percent of private & mutual institutions in the U.S. say they are likely to go public in next three years, a dramatic increase from last year when not one respondent expressed interest in going public. In addition, 83% believe that interest only and no down payment loans will result in increased loan losses within the next three years.

February 26, 2007 National Survey: Bankers more cautious about state of economy for 2007

More than four out of 10 bankers (43%) feel uncertain about prospects for the national economy in 2007 and more than a third (38%) are on the fence about the country moving in the right direction, according to Grant Thornton's 14th Annual Survey of Bank Executives.

February 23, 2007 Grant Thornton partner receives “40 Leaders Under Forty” award

Grant Thornton LLP, a leading accounting, tax and business advisory firm, is pleased to announce that Greensboro partner Mike Phillips has been honored with a prestigious "40 Leaders Under Forty" award from the Triad Business Journal.

February 19, 2007 Grant Thornton LLP named top Financial & Accounting Outsourcing Vendor by The Brown-Wilson Group

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, one of the leading global accounting, tax and business advisory organizations, landed the No. 1 spot on the first "Top 10 Financial & Accounting Outsourcers (FAO): General Accounting Vendors" ranking in The Brown-Wilson Group's 2006 survey, an annual comparison of the world's most distinguished outsourcing services providers.

February 19, 2007 Grant Thornton LLP has most success against the Big 4 in 2006

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, had the greatest net gain in SEC clients from the Big 4 in 2006.

February 14, 2007 U.S. business leaders make ‘strong execution’ a high priority in 2007

As CEOs develop their growth strategies for 2007, a top priority focuses on the strong execution of all major business processes, according to the Grant Thornton LLP Survey of U.S. Business Leaders, 14th Edition. Almost two-thirds of respondents (63%) say they are putting more emphasis on strong execution today than a year ago.

February 14, 2007 For-profit higher education sector is a growing threat for not-for-profit colleges and universities

The for-profit higher education sector is a growing threat for not-for-profit colleges and universities, which need to take steps to adapt and compete with the changing market, according to the latest edition of Grant Thornton LLP's On Course, a newsletter for higher education trustees and administrators.

February 7, 2007 Businesses capitalising on opportunities in the world’s fastest growing economies

According to results published today from the Grant Thornton International Business Report (IBR), privately held businesses are now starting to capitalise seriously on opportunities to trade with the fast-growing BRIC economies (Brazil, Russia, India and China). These countries are expected to represent 44% of global GDP by 2050. Far from being a threat, the growth of Brazil, Russia, India and China has been positive for businesses over the last two to three years. The survey explores the views of 7,200 business leaders in 32 countries and represents 81 per cent of global GDP.

February 5, 2007 Third-party project assessment can help health care organizations reduce risk, cost when implementing new software

More health care organizations have started seeking project assessment assistance when integrating new software or information technology because of the cost and multiple areas of risk, according to Grant Thornton LLP's latest issue of Health CareRx, a quarterly newsletter for health care executives.

February 1, 2007 Grant Thornton LLP launches private equity initiative

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, a global accounting organization with operations in over 110 countries, today announced a new, comprehensive approach to serving private equity firms and their portfolio companies that will significantly enhance the value of the services received from Grant Thornton.

February 1, 2007 Recent scandals may have not-for-profit boards developing new policies

The large number of corruption cases being reported recently in the not-for-profit world may have more organizations implementing new policies and procedures. More than three-quarters of not-for-profit organizations say they have a conflict-of-interest policy, according to the 4th annual Grant Thornton LLP National Board Governance Survey for Not-for-Profit Organizations.

January 31, 2007 Grant Thornton LLP calls for effective Section 199 safe harbors

Grant Thornton LLP has asked the Internal Revenue Service (IRS) and the Department of the Treasury (Treasury) to issue additional safe harbor rules under Section 199 to minimize the burden of tracking W-2 wages.

January 31, 2007 National Survey: Banks again looking at going public

While last year not one bank expressed interest in going public in the next 3 years, this year 12% of private banks and 14% of banks that have mutual charters (mutuals) said they were “very” or “somewhat” likely to take their bank public in the next three years, according to Grant Thornton’s 14th Annual Survey of Bank Executives.

January 30, 2007 National Survey: Bankers concerned about Wal-Mart entering banking arena

Almost three-quarters (70%) of bankers say that the entry of Wal-Mart into the financial services business would be a threat to their banks' business, according to Grant Thornton LLP's 14^th Annual Survey of Bank Executives.

January 29, 2007 National Survey: Public bank audit committees value independence, but majority still seek senior management support

January 29, 2007 National Survey finds that more than half of not-for-profit organizations have made changes to corporate governance policies in last three years

A majority (54 percent) of not-for-profit organizations surveyed indicate that they have made changes to their governance policies in the last three years, according to the 2006 Grant Thornton LLP National Board Governance Survey for Not-for-Profit Organizations.

January 23, 2007 Tax Tips for Contractors

As contractors do business throughout 2007, they may face complex tax issues that can strain resources and drain profits. They should keep in mind these five tax tips that can possibly help them save money in the long run.

January 23, 2007 Tax tips for hospitality property owners and managers

As hospitality property owners and managers do business throughout 2007, they should keep in mind these tax tips that can possibly help them save money in the long run.

January 23, 2007 New Grant Thornton Interest program creates opportunity for future Chinese accounting professionals

Grant Thornton LLP, the U.S. member firm of Grant Thornton International, has begun the first phase of a program that works with future accounting professionals who are Chinese Nationals from the People's Republic of China.

January 23, 2007 Tax tips for real estate developers and investors

As real estate developers and investors do business throughout 2007, they may face complex tax issues that can strain resources and drain profits. They should keep in mind these tax tips that can possibly help them save money in the long run.

January 18, 2007 Despite pessimism on U.S. economy, one-half of business leaders plan to increase hiring in next six months

Predictions for an improved economy remain low, yet the majority of business leaders participating in the Grant Thornton Business Optimism Index plan to continue hiring over the next six months.

January 15, 2007 National survey finds that 60% of not-for-profit organizations do not have whistle blower policies in place

With more scandals being reported in the not-for-profit world than ever before, the 4^th annual Grant Thornton LLP National Board Governance Survey for Not-for-Profit Organizations found that 60 percent of not-for-profit organizations do not have a whistle blower policy in place.

January 12, 2007 COSO selects Grant Thornton LLP for research project on the monitoring of internal controls

Grant Thornton LLP is pleased to announce that it has been commissioned by The Committee of Sponsoring Organizations of the Treadway Commission (COSO) to develop guidance designed to help organizations monitor the quality of their internal control systems. The end product will serve as a tool for effectively monitoring internal controls, as well as complying with the U.S. Sarbanes-Oxley Act of 2002 (SOX).

January 10, 2007 Global business confidence up for 2007

The initial findings from the International Business Report (IBR) from Grant Thornton International published today (10 January) show that medium to large privately held businesses around the world are considerably more optimistic about the prospects for their economies in 2007 - with an optimism/pessimism balance percentage of +45%, up from +39% last year.  The survey, which covers the opinions of 7,200 business leaders in 32 countries, represents 81% of global GDP.

January 2, 2007 Grant Thornton partner nominated as trustee of The Economic Club of New York

Grant Thornton LLP managing partner of strategic relationships, Cono R. Fusco, was elected trustee of The Economic Club of New York, one of the premier thought leadership forums in the United States.