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In the worlds of M&A and valuation, companies’ values are often quoted based on multiples of EBITDA. However, its usefulness is limited to the financial sophistication of its user. In fact, in very few instances is EBITDA a reliable indicator of cash flow.

On March 24, 2014, the Governmental Accounting Standards Board (GASB) voted unanimously not to delay the implementation of GASB Statement No. 68, Accounting and Financial Reporting for Pensions.  

In a landmark decision yesterday, the National Labor Relations Board concluded that student athletes receiving football grant-in-aid scholarships are considered employees of Northwestern University, and thereby have the right to hold an election to choose representation to collectively bargain with the university.   
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