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	Private equity in the post-boom era: What's next? The credit crisis and the U.S. recession significantly altered the private equity industry: Exit opportunities, fundraising and deal making have all changed dramatically. This white paper, produced by Grant Thornton LLP and the Association of Corporate Growth, explores liquidity opportunities and the fundraising market in the post boom era. To offer readers a better understanding of the changes taking place in the liquidity markets and on the fundraising front, we have interviewed key industry experts and analyzed data points from a number of sources such as Dealogic and Thomson Reuters. Through our external sources and original reporting, we discuss not only where fundraising and exit opportunities are today, but where they are heading. The key areas we cover are: the current environment; exit opportunities; and fundraising.
	A systemic failure in U.S. stock markets has led to the loss of listings and jobs. Since 1991, the number of U.S. exchange-listed companies is down more than 22%, and when adjusted for real (inflation-adjusted) GDP growth, that percentage balloons to a startling 53%. Growth in a number of developing nations far outpaces that in the U.S. In fact, Asia’s listed-companies growth rate is even higher than its GDP growth rate. Grant Thornton LLP’s A wake-up call for America recommends solutions that address market structure issues and that, with thoughtful oversight, will advance the U.S. economy, create high-quality jobs, improve U.S. competitiveness, increase the tax base, and decrease the U.S. budget deficit — all without major expenditures by the U.S. government.
	Cost-basis reporting mandate: Prepare now or pay later This issue of SecuritiesAdviser explores the new cost-basis reporting mandate for broker-dealers, the Options Symbology Initiative (OSI), derivatives reform legislation and how the SEC’s push for more information in assessments may impact FOCUS reports.
Software and other digital goods as new targets in the expanding sales tax base As state budgets become more strained, a number of states are broadening their sales and use tax base to require taxation of all types and forms of digital goods, going beyond just software that is provided as tangible personal property or is canned or prewritten. Grant Thornton’s Giles Sutton, Dale Busacker and Jamie C. Yesnowitz discuss these developments in the sales and use tax treatment of software and other digital goods. This article encompasses such issues as potentially eliminating the distinction between taxable tangible personal property and/or prewritten software, nontaxable electronic transmission of custom software, and the consideration of digital goods as taxable items.
	Insights for life sciences: Funding strategies The life sciences sector has seen a dramatic slowdown in venture capital investment, negligible IPO activity and a substantial fall in the value of biotechnology M&A transactions, even while long-term vital signs for the sector remain strong. This Grant Thornton white paper offers life sciences executives tips for developing effective commercial and investment strategies in today’s market. It provides insights into current funding and deal-term trends; the importance of aligning with the right commercial partners; and alternative funding sources, such as government sources and hybrid public-private offerings.
	FIN 48 for investment funds FIN 48 is effective for private investment funds that have not yet adopted FIN 48 for years beginning after Dec. 15, 2008. For nonpublic funds with Dec. 31 year-ends, FIN 48 should be adopted for the year ended Dec. 31, 2009, with any impact reflected in the first Net Asset Value calculation of the year. Learn more about FIN 48, evaluating tax positions, pass-through entities, investment partnership application and developing a work plan in this Financial Bulletin .
	What keeps bank audit committees up at night? Financial institutions are under increased scrutiny and audit committees are charged with ensuring the integrity and reliability of the financial statements. Although a constant barrage of concerns can keep committees tossing and turning, thinking like an auditor can help them fulfill their roles. This issue explores how audit committees can fulfill their roles in the midst of ongoing challenges.
	Navigating the cleantech stimulus: an executive checklist Although the U.S. government’s stimulus plan will infuse the cleantech industry with grants and tax incentives, it also creates a shift in the industry. As the sector moves away from its entrepreneurial and venture capital roots, even companies that don’t partake in the stimulus will feel the effects. Navigating the cleantech stimulus: an executive checklist points to eight key factors cleantech executives need to address.
	Is today’s market structure failing the IPO? Over the last several years, the IPO market in the United States has practically disappeared. Just 12 companies went public in the United States in the first half of 2009, and only eight of them were U.S. companies. In Market structure is causing the IPO crisis, Grant Thornton LLP explores the history of the IPO market, what led to this crisis, and our ideas for a new, opt-in stock market capable of reinvigorating the U.S. IPO market.
Survey of Senior Financial Executives (Fall 2009) The fall 2009 survey was conducted from September 21 through October 2, 2009, with 846 U.S. CFOs and senior comptrollers participating. Topics covered in the survey include: outlook for the economy; pricing pressures; governance issues; financial reporting; international financial reporting standards (IFRS); interactive data (eXtensible Business Reporting Language, or XBRL); accounting developments, including proposed leasing rules and the FASB financial presentation project; and tax issues, including the stimulus bill and state tax assessments.
Sweeping healthcare reform bills move through Congress: How do they compare? The House has passed a sweeping healthcare reform bill with over $500 billion in tax changes. America’s Affordable Health Choices Act combines earlier versions of healthcare legislation passed by various House committees. At this time, the road to enactment is uncertain. Even if the Senate completes its own bill, the House and Senate will still need to reconcile the differences in their bills in a way that would allow each chamber to re-pass a final version. The charts prepared by our National Tax Office compare the healthcare-related tax provisions and revenue titles of the Senate bills that Reid is combining and the House bill as passed on the House floor.
	The Red Flags Rule: What you need to know Beginning June 1, 2010, all companies that send invoices will need to have in place a red flags compliance strategy to help combat identity theft. The Red Flags Rule, a component of the Fair and Accurate Credit Transactions (FACT) Act signed into law in December 2003, requires that financial institutions and creditors implement a plan to identify, detect and respond to attempts to use stolen identity information. To learn more about what the rule requires, the types of businesses that must comply and things to consider when formulating your compliance, download the white paper, *The Red Flags Rule: What you need to know.*
Grant Thornton LLP Business Optimism Index rises to 2007 level Grant Thornton LLP’s Business Optimism Index , a quarterly confidence measure of U.S. business leaders, saw another increase in the past three months. The index increased to 60.9 in August, the highest it has been since June 2007. The survey found that nearly three in five (58%) expect the U.S. economy to improve over the next six months and nearly three-quarters (73%) are optimistic about the growth of their own business in the next six months. In addition, 58 percent of business leaders believe that the economy will come out of recession by the end of the first half of 2010
	Creating a reliable, profitable supply chain In the second survey report of the Supply Chain Solutions series find out how some companies are managing their operations efficiently by reducing inventory to conserve cash, optimizing the working capital required for their operations, and developing contingency plans for supply chain risk scenarios.
	Year-end tax guide for 2009 offers top 20 tax planning opportunities Managing your finances and tax burden can feel like juggling and jumping through hoops: You’ve got lots of moving pieces and only two hands. But tax planning has never been more important. Drastic changes in the economic environment can force a shift in tax strategy, especially if your own situation is evolving. To help you save as much as possible, this Grant Thornton guide discusses recent tax law changes and provides an overview of strategies to help you reduce your tax liability. It will show you how to tax-efficiently invest for education and retirement, and transfer your wealth to family members. For action steps to jump-start the planning process, look for our top 20 tax planning opportunities.

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