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Winter 2014

MAQ Winter 2014 Cover

Articles

By Peter H. Chen, Ph.D., and David E. Stout, Ph.D.
Master Limited Partnerships (MLPs) are complex corporate structures that the majority of management accountants probably do not understand well. With the merging of accounting and finance functions, however, they are more likely to encounter these investment vehicles at work and even as possible personal investments. The authors present a detailed set of definitions covering the legal structure and financial dimensions of MLPs. They explain what MLPs are, how they are organized and managed, what the tax liabilities are, and the business sectors in which they operate. The authors also examine the risks and the most effective ways of buying in.
By Douglas M. Boyle, DBA, CMA, CPA; Brian W. Carpenter, Ph.D., CMA; and Daniel P. Mahoney, Ph.D., CPE, CPA
Companies have been using lease accounting as a way of getting off-balance-sheet financing for more than 65 years, and the debate over needed changes to avoid this abuse has continued without resolution. A recent proposed Accounting Standards Update (ASU) might address the problems and bring additional transparency to lease accounting. The main provisions for type A and type B capital leases and operating leases are summarized, and the expectations for the proposal are discussed.
By Linda Campbell, Ph.D., CPA; Robin Knowles, Ph.D., CFA; and Kasey Martin, Ph.D., CIA, CPA
Not much is known about what happens to companies that delist from a stock exchange, but that does not diminish management accountants’ roles and responsibilities at this “end of public life.” There are reports that need to be filed, schedules to be followed, and decisions to be made about the various options available to a company after going dark. With more and more companies choosing to delist, the results of studies that have looked at the incentives and consequences of delisting raise some important questions. The answers help shed light on how many companies have delisted and where they are now.