SOURCE: Marks Paneth & Shron LLP

Marks Paneth & Shron LLP

September 09, 2013 10:00 ET

Numbers Don't Lie, or Do They? Financial Statements Don't Always Depict the Reality of a Business

Business Owners and Financial Officers Need to Go the Extra Mile to Provide a More Accurate Picture of the Company, Says Marks Paneth & Shron Video

NEW YORK, NY--(Marketwired - Sep 9, 2013) - When it comes to preparing financial statements, crossing t's and dotting i's isn't enough. It's difficult to accurately depict the reality of a business in a few pages, and statements are often distorted, says William Stocker, CPA, Partner-in-Charge of the Professional Practice Group at Marks Paneth & Shron.

In a video, he explains what businesses should keep in mind when preparing financial statements:

  • Good, accurate financial statements are a combination of art and science. Preparers should make disclosures, footnotes and supplementary presentations to more accurately depict the businesses' reality. (See video for examples.)
  • Readers of financial statements are often lazy and bottom-line focused. Preparers should include a carefully crafted cover note that explains distortions and highlights important realities that may not be readily evident.

The video is available at: http://www.markspaneth.com/publications/video-financial-statements-a-combination-of-art-and-science1.

For more information, or to speak with William Stocker, please contact Katarina Wenk-Bodenmiller of Sommerfield Communications, Inc. at (212) 255-8386 or Katarina@sommerfield.com.

About Marks Paneth & Shron LLP

Marks Paneth & Shron LLP is an accounting firm with over 500 people, of whom nearly 65 are partners and principals. The firm provides public and private businesses with a full range of auditing, accounting, tax, consulting, bankruptcy and restructuring services as well as litigation and corporate financial advisory services to domestic and international clients. The firm also specializes in providing tax advisory and consulting for high-net-worth individuals and their families, as well as a wide range of services for international, real estate, media, entertainment, nonprofit, professional and financial services, and energy clients. The firm has a strong track record supporting emerging growth companies, entrepreneurs, business owners and investors as they navigate the business life cycle.

The firm's subsidiary, Tailored Technologies, LLC, provides information technology consulting services. In addition, its membership in Morison International, a leading international association for independent business advisers, financial consulting and accounting firms, facilitates service delivery to clients throughout the United States and around the world. Marks Paneth & Shron LLP, whose origins date back to 1907, is the 32nd largest accounting firm in the nation and the 16th largest in the New York area. In addition, readers of the New York Law Journal rank MP&S as one of the area's top forensic accounting firms for the third year in a row.

Its headquarters are in Manhattan. Additional offices are in Westchester, Long Island and the Cayman Islands. For more information, please visit www.markspaneth.com.

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