Let Me Help
You Strengthen Your Sales Force
We are busily building up our summer
schedule with advanced sales training classes. Many people think
that training is expensive. It really isn't. If you think about it,
you can have me come to your company for 1-2 days and get everyone
up the curve quickly and easily. Try me at your next sales
meeting.
See you next week at the McCue Systems Business Solutions Meeting in
Burlingame, CA. I will be lecturing on the State of the Leasing
Industry.
Click
Here To Contact Jeffrey Taylor
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I Dedicate This Issue
To FASB (Why? I had a dream!)
My name is Jeffrey
Taylor, Founder of ExecutiveCaliber - Global Lease Training.
We just completed our first year in business and proudly claim
11,000 readers in 101 countries.
I want to thank our
first-year clients who believed in me. I will never forget
your generosity and vision.
Thalman Financial
Services
1st Source
Bank
Hewlett-Packard
KeyCorp
Cisco
A'ayan Leasing
and Investment
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of the page.
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- Read What MarketLeap Says About Us...
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training website developed by one of the top lease training
professionals in the world"
Ranked as #1, #2 or #3 for
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all over the world
Click
Here To Go To Our Home Page
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- FASB Draft on Changes to FASB 133
(Derivatives)
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As a CPA, I was taught to
do research. As an equipment leasing lecturer, I get to follow
FASB as they go through the accounting rules process.
I love seeing the process reveal itself in bits and
pieces. And I get to guess what's going to stay and not
(depends on politics, public, business, government, investors,
etc.).
Changes to Derivative Accounting and Reporting
are underway. You can thank Enron, Global Crossing and Tyco
for the immense evolution that is unfolding right before our
eyes.
Click
Here To Get The Latest On Derivatives (FASB 133)
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- FASB Goes After Guarantors (FASB 5, 57,
107)
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As most of you know, Enron
guaranteed a lot of their SPEs deals to shore up the credit.
What they did not do is report the liability of the guarantee
on the balance sheet. Instead they reported it as a sale. Nice
accounting trick. But in total violation of GAAP and FASB. So
FASB is under pressure to tighten the rules.
Read
the FASB Guarantee Project
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- FASB Announces Revenue Recognition Project
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As expected, FASB
announces a revenue recognition project, similar to the SEC
and other Senate Panels. I jockingly think that we need to go
back to cash accounting and simplify not only our tax system
(e.g. it would have stopped companies like Tyco from moving to
Bermuda) but our accounting system.
The problem is it
would eliminate senators, congresspeople, accountants, tax
lawyers, off-shore experts, half the government, 75% of the
IRS, journalists, magazines, newspapers, 1-2 sections of the
WSJ and the like.
Don't know if I could handle
that!
Read
About the FASB Revenue Recognition Project
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- My Friends At CIT (or Tyco)
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For those of you who were
born in the 90s (God, I'm old) let me briefly give you my
chronological version of Tyco.
AT&T (US) is born
AT&T grows up
AT&T starts
selling things that AT&T doesn't make
AT&T gets
bought by Newcourt (Canada)
Newcourt tries to look and act
cool
Newcourt runs out of money
Newcourt sells to
CIT
CIT (partially owned by the Japanese) tries to tame a
Canadian teenager with American parents
CIT runs out of
money
CIT gets bought by Tyco (because they got tired of
third party financing and wanted to keep it all to
themselves).
Tyco stock gets hot
Tyco executives make a
lot of money
Wall Street wants to divorce Tyco
Dennis
may go to prison
Dennis Kozlowski, former chief executive of Tyco, may go to
prison for "sales tax" evasion.
Case
Study - Tyco
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