Tuesday, March 1, 2022

My Accounting Firm's Values

Years ago in "partner training," Jennifer Wilson of Convergence Coaching taught me how a values-based organization can provide meaning, empowerment, belonging and success to the next generation of professionals, as well as firm clients.  See this clip of Wilson here, at the Journal of Accountancy.

Wilson's lessons have led my accounting practice to many successes. I can't recommend Convergence Coaching's services enough to all professional firms including law practices and CPA firms.

But this post is to share with potential new employees that which my current team at Boschan Corp. values, so that you can asses whether you see your values mirrored:

  • Accountability - We work as a team to support one another in stretching to reach the highest standards possible and rewarding great results. These high standards garner our firm respect, to the benefit of clients.

  • Appreciation - We regularly praise team members for their impressive accomplishments in reaching or setting standards, and we are always looking for innovative ways to show our profound appreciation for better execution and results. Please share your suggestions in the comments.

  • Communication - Our success depends on courageous communication and we are committed to sharpening our communication skills continuously, from participating in Toastmasters to improving our client reports (a current challenge).

  • Growth - Beyond our firm's sales growth, we make personal development a priority in our daily work schedules and benefits structure. If our people aren't cared for, strong and healthy, our firm won't be either.

  • Profitability - We are implementing a profit sharing program this year. As Boschan Corp. performs better and better, it is due to the excellence of our fine team and they shall share in the rewards!

If you attended a great masters-level accounting program and "being the best" at what you do is important to you, please call Ms. Nguyen at Boschan Corp. at (424) 248-8866 to inquire about joining the team.

Tuesday, February 22, 2022

Most Favored Nations Damages Claims

During my decades of experience, I have made thousands of audit claims in connection with so-called “MFN” (i.e., Most Favored Nations) clauses.

As examples, many mechanical reproduction licenses for musical works and film profit participation agreements with talent contain MFN clauses, as do many licensing and other agreements.  As part of certain royalty audits, it is my job to quantify damages for non-compliance with this standard agreement provision.

Although counterparties cooperate to various degrees, my approach is generally to request the information – such as agreements with third parties, rate files and accountings - in order to ascertain whether a counterparty has complied with its commitment to pay rates to our firm's client(s) that are equally favorable compared to those agreed or paid to other relevant parties. If my team and I find that a counterparty failed to comply with a most favored nations provision, we utilize actual or estimated rates to quantify reportable royalties from which we deduct royalties reported (or claimed elsewhere in our audit or expert report).