Grant Thornton Thinking
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Financial reform: How the Dodd-Frank Act affects securitization and mortgage lending
The Dodd-Frank Wall Street Reform and Consumer Protection Act will significantly affect securitization and mortgage lending businesses. The new rules are intended to more closely align the economic interests of securitizers and their investors and to improve underwriting standards of financial assets when a securitizer issues asset-backed securities (ABSs). Mortgage lenders must abide by new minimum standards, including addressing borrowers’ ability to pay. In addition, the perceived credit rating agency failings have led to a focus on strengthening the accountability of these agencies and reducing potential conflicts of interest that may compromise the integrity of their ratings.This document outlines the new rules — from credit risk retention requirements to enhanced disclosures for NRSROs — and the required actions.
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The evolving state of offset arrangements in connection with military and other sales to foreign countries
Foreign governments have long required that U.S. companies providing military equipment or services to them offset the financial aspects of the purchase by entering into agreements that effectively return some portion of the value of the transaction to enterprises in their country. Offset agreements, now considered standard practice, may include a wide variety of forms. While the economic and other potential consequences of offset arrangements are of domestic concern, international attention regarding the effects of offsets has been growing in recent years as well. This article discusses both direct and indirect forms of offsets and explores their impact on U.S. companies.
Financing alternatives: You’ve got options. Pick the right ones
Companies need access to capital as they take their first steps on the road to recovery, but today’s financing comes with more stringent terms and conditions. This publication provides the perspectives of several Grant Thornton Advisory Services leaders on the benefits and drawbacks of various financing options available to companies operating in today’s difficult market conditions. Options discussed range from senior secured debt to private equity and special situations funds.
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CFO strategies for attracting, training and retaining accounting professionals
Today’s complex regulatory and business environment demands more of accounting and finance professionals than ever before. In addition to technical acumen, these professionals must be able to navigate emerging accounting developments and new legislation, as well as demonstrate critical thinking and other soft skills. Attracting, training and retaining accounting talent is no small feat. In this study, CFOs share how they do it.
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Food & Beverage Industry Snapshot: Summer 2010
This publication contains timely commentary on key factors affecting the food and beverage industry, an overview of trends in mergers and acquisitions (M&A), and a summary of industry stock market performance. This issue contains a special sector focus on the dairy industry: In 2009 there were bright spots, as the industry started to make some positive strides. Although debt levels remain high, performance of dairy companies is improving, and the worst appears to be over.
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The implications of the April 2010 oil spill on deepwater exploration and production
Following BP’s Macondo well disaster, the prospects of drilling and operating in the Gulf of Mexico are uncertain, and E&P companies must grapple with a host of proposed regulatory changes. These companies will also face higher borrowing and insurance costs, as capital providers and insurers demand a higher risk premium for deepwater exploration activities. Significant regulatory changes in conjunction with a repricing of deepwater risk will have a drastic long-term impact on deepwater operators. This paper examines a number of factors that will influence the future of deepwater drilling in the Gulf.
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How are product and branding trends affecting the food industry?
In the second installment of this year’s Fast Facts on Food Processing survey, food and beverage manufacturers weigh in on how they are capitalizing on current or growing trends, while continually striving to differentiate their products and brands in the marketplace.
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Meeting the Challenge and Improving ROI (AGA survey 2010)
The Association of Government Accountants (AGA), the National Association of State Auditors, Comptrollers and Treasurers (NASACT) and Grant Thornton’s Global Public Sector practice have partnered again on an annual survey federal, state and local government financial professionals. The 16th Annual CFO Survey probes the views of 268 professionals, focusing on how they are meeting some of the challenges of the economic downturn. Topics include financial reporting, improving financial management, information technology, predictive analytics and risk management, human capital and reporting for the American Recovery and Reinvestment Act of 2009.
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The effects of carbon legislation on independent power producers
The threat of global warming resulting from CO2 emissions continues to be a top policy agenda item for U.S. lawmakers as they debate legislation that would provide for reductions to CO2 emissions. With electricity generation accounting for 40% of all U.S. energy-related CO2 emissions, passage of this proposed legislation would bring significant changes to the power-generation industry. This article discusses the focus of the proposed legislation, including carbon capture and sequestration and cap and trade regulations. The article also examines the expected impact of the proposed legislation on coal-fired plants, natural gas-fired plants and other independent power producers.
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A roadmap to success: Convenience stores on the fast track
Convenience stores must deal with an inconvenient slew of challenges, including shifting consumer preferences, intensifying competition from mass retailers, volatile gas prices, around-the-clock staffing and operations, and growing consolidation of stores and chains. In this new white paper, Grant Thornton explores a number of trends affecting this industry, as well as ideas for management personnel to consider as they evaluate and determine what’s right for their organization.
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Grant Thornton’s Survey of Federal Government Chief Human Capital Officers
As the mission of the federal government expands to meet 21st century challenges—from restructuring the financial industry and reforming health care to fighting terrorism—the public sector will need to hire hundreds of thousands of employees. Finding the right talent is critical. Grant Thornton and the non-profit Partnership for Public Service conducted the third annual survey of Chief Human Capital Officers, Closing the Gap: Seven Obstacles to a First Class Federal Workforce in 2010. The survey report is based on dozens of in-person interviews with human resource executives and offers insights on hiring reform, pay for performance, information technology, labor relations and the skills of the federal government’s HR workforce.
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Financial reform: What private fund advisers need to know about the Dodd-Frank Act
The Dodd-Frank Wall Street Reform and Consumer Protection Act will place investment advisers, hedge funds and private equity funds under increased regulation and scrutiny — namely, registration and examination by the SEC. Advisers and funds should be prepared for the enhanced disclosure and reporting requirements that come with the new regulations. Financial reform: What private fund advisers need to know about the Dodd-Frank Act outlines the new rules that funds and their advisers should understand and actions they can take.
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Financial reform: What public companies and their audit committees need to know about the Dodd-Frank Act
The recently enacted Dodd-Frank Wall Street Reform and Consumer Protection Act (the Act) will change the landscape for financial services firms and financial institutions. Although central elements of the Act focus on regulating the financial services sector, the legislation also includes provisions affecting every public company, including enhanced SEC enforcement authority and additional corporate governance requirements. Audit committees may not want to mire themselves in the minutiae of this complex legislation, but they need to ensure the important details are being addressed by their management teams. This document outlines key financial reform issues that public companies and their audit committees should understand and actions they can take.
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Why a rising tide won’t lift all boats
This article examines trends in the commercial real estate sector in order to understand how the sector will fare in a post-recessionary environment. The article compares the return on assets of 100 real estate companies, in order to evaluate portfolio performance from 1997 through 2009, including the 2001 recession, to assist in determining how these companies will fare in the post-recessionary period.
