Forensic Accounting

Business Interruption Claims After Flood Damage

by Arnold Shields 31 January 2011

If you have Business Interruption Insurance it is important to determine whether or not your insurance cover includes flood damage. If covered, you will have a claim for the loss of profits suffered subject to the specific details and conditions of your policy and the indemnity period. If records have been destroyed or damaged a reasonable basis of calculation of [...]

Read the full article →

Family Law Business Valuation Methodologies

by Arnold Shields 24 January 2011

There are five basic business methodologies used in Family Law matters as detailed in Wilde & Wilde (2007) FamCA 1044 : Discounted Cash Flow Capitalisation of Future Maintainable Earnings Value of Net Tangible Assets ( going concern basis) Notional Realisation of Assets Capitalisation of Future Maintainable Dividends The article provides a brief discussion of the various models. Discounted Cash Flow [...]

Read the full article →

How Is Your Maths: 13 x 7 = 28?

by Arnold Shields 14 January 2011

As it’s Friday, a classic from Abbott & Costello (the comedians not the politicians) with some simple maths. What did we do before calculators and computers. In our forensic accounting seminars, we often talk about the manipulation of accounts and some dubious accounting, some of it has the same logic.

Read the full article →

Commonwealth Financial Planning Compensation Investigation

by Fiona Bateman 23 November 2010

Commonwealth Financial Planning (CFP), is to compensate clients who received inappropriate financial advice from one of their financial planners following an ASIC Investigation. CFP will appoint an independent expert to review the implementation of the client compensation program and the compensation offers. CFP is also reviewing client files to identify individuals who have been adversely affected and where inappropriate advice [...]

Read the full article →

Average Weekly Earnings for Construction Workers in Personal Injury Claims

by Fiona Bateman 3 November 2010

Based on approximately 33 years’ experience in the building industry – as a director of a building company, providing taxation and business advice to a number of building industry clients, and providing forensic services relating to the building industry – it is my opinion that the Australian Bureau of Statistics data is not representative of many workers in the building industry for the following reasons: [...]

Read the full article →

Pre-Judgment Interest Calculator

by Arnold Shields 1 October 2010

From 1 July 2010, the basis for the calculation of pre-judgment interest changed whereby interest is calculated by reference to the Reserve Bank of Australia Cash Rate plus 4%. This new method of calculating interest is intended to apply throughout Australia with amendments having already being made to the NSW Courts Practice Notes and the Federal Court Practice Notes. We [...]

Read the full article →