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By Occasional Contributors | 2 Minutes Read August 17, 2015

Toshiba scandal stresses need for strong corporate governance

The current CEO and one former CEO of Toshiba Corp. resigned this week in connection with the accounting scandal the company has been embroiled in since May. Senior executives are alleged to have pressured subordinates to meet unachievable financial targets, leading the company to overstate its earnings by more than USD $1.2-billion between 2008 and 2014.

Article by Occasional Contributors / Business, Finance and Accounting, Payroll / accounting scandal, board members, compliance practices, Corporate culture, corporate governance policies, corporate managers, electronics manufacturers, leading the company to overstate its earnings, market value, need for strong corporate governance, postponed losses or pushed forward sales on accounting, restatement of earnings, robust internal controls, shareholders, Toshiba scandal, unachievable financial targets

By Drache Aptowitzer LLP | 3 Minutes Read May 15, 2014

Donations in kind and appropriate due diligence

charity-donationCharities need to be vigilant when accepting donations in kind. These include any non-monetary items, such as art, rare books, equipment and materials, personal objects of value, real property and computer-related assets. Receiving such donations is quite acceptable, but only after proper due diligence and professional advice is sought and followed. Donations in kind must be properly valuated by independent third party valuators specialized in such work. For art and other related assets, there are additional steps that must be followed in regard to seeking approval of the government agency responsible for monitoring such acquisitions, the Canadian Cultural Property Export Review Board. At least two separate valuations should be obtained. These independent valuations should be the basis for determining the amount on the charity receipt issued to the donor.
Some assets are easier to valuate than others. For example, the donation of real property can be assessed by real … Continue reading “Donations in kind and appropriate due diligence”

Article by Drache Aptowitzer LLP / Business, Not for Profit / Canadian Cultural Property Export Review Board, charitable donations, charity receipt, donation of real property, Donations, Donations in kind, donations of gifts, donations of unusual assets, donor, Drache Aptowitzer, Due diligence, errors or omissions, independent third party valuators, independent valuations, liability insurance, Mark S. Anshan, market value, professional advice, properly valuated, Valuating the donation of software

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