We are a boutique financial research and management advisory firm dedicated to helping firms improve decision-making under conditions of uncertainty.  Our focus is environmental and climate-related strategy and disclosure, areas subject to extreme uncertainty about the near and distant future.

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We coined the term future accounting to describe a subfield of managerial and financial accounting that presents forecasted financial information as probability distributions rather than single point estimates in order to illustrate potential financial performance under a wide range of future scenarios.

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We help companies use future accounting to future-proof their organizational strategy and build confidence among investors in their strategic direction and long-term growth prospects.

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Our work with financial and non-financial firms helps us better understand the environmental, social and governance (ESG) objectives and constraints of both preparers and users of financial disclosure. Let us know how we can help you.

Seven Decades of Skin in the Game

We don’t give recommendations and walk away. We deliver solutions. Our two founders are practical visionaries with over 70 years of combined experience in business, investment, finance, insurance, law, and accounting—disciplines where advice and decisions have real financial consequences for our clients and us.
Important projects and engagements that have helped form our views over seven decades include:

Authored the seminal desk book on financial reporting of environmental liabilities and risks (Wiley 2005) after serving as the Chairman of the American Bar Association’s Environmental Disclosure Committee.

Conducted peer benchmarking of environmental financial reporting practices for U.S. integrated oil company. This project inspired development of proprietary methodologies for assessing the reliability of reported accounting estimates and calculating alternative economic values.

Provided environmental legal counsel and representation to real estate and industrial clients over two decades.

Founded The Funds Allocation System a multi-period ALM optimization system used by more than 30 major banks as well as GNMA and Freddie Mac.

Conducted global assessment of financial reporting of onshore and offshore decommissioning obligations for a European super major.

Served the United States District Court for the Eastern District of New York as a consulting expert in a $100 million environmental liability insurance dispute on the subject of capitalization of costs to remediate preacquisition pollution conditions.

Founded Proprietary Financial Products, Inc. (PFP) and developed and patented software and systems for The Home Account, an integrated system for online financial transactions, management and financial planning and analysis.

Acquired, operated and developed 500 Park Avenue, a 42 story mixed use building in New York built on a former brownfield site which remains the only high rise structure to ever win the “American Institute of Architects (AIA) Trifecta”: the highly coveted AIA Award for Excellence in Design, the AIA Award for Distinguished Architecture, and the AIA National Honor Award.

Served as a consulting expert to the U.S. Department of Justice on estimation of environmental liabilities in connection with the bankruptcy of Tronox Inc.

Awarded more than 500 U.S. patents claims for financial analysis, planning and transaction processing technology. Through a series of acquisitions (First Data Online Banking) and mergers (Intellidata, CheckFree and Fiserv) these technologies now provide the online banking, bill payment and financial management for more than 13,000 financial institutions and their customers.

Collaborated with internal management team for European super major to develop innovative environmental liability and risk mitigation and transfer options for discontinued mining and oil and gas properties.

Provided federal income tax analysis and planning for TRC Environmental Corp’s Exit Strategy®, a program for the comprehensive resolution of environmental cleanup liability designed to transform environmentally impaired real estate into valuable assets.

Serving as an independent management’s expert (as defined in International Standards on Auditing 500 and 620) for BP, plc, prepared accounting estimates of estimated liabilities for incurred but not reported (IBNR) and unadjusted claims for economic loss and property damage arising from the Gulf Oil Spill, at $70B the world’s most costly environmental disaster to date.

Serving as an independent management’s expert for a Fortune 100 U.S. defense contractor, prepared accounting estimates of IBNR claims under a voluntary product return program.

Proposed, designed and led the implementation of a project to re-engineer General Motor’s global asset recovery process with a $1 billion NPV from increased asset sales proceeds.

Advised a U.S. super major on opportunities to reduce environmental liability and risk and improve profits with regard to upstream and downstream operations.

Prepared financial reporting processes and initial cost estimates for mine reclamation liabilities for a U.S. coal company in preparation for an initial public offering.

Acquired, operated and developed 500 Park Avenue, a 42 story mixed use building in New York built on a former brownfield site which remains the only high rise structure to ever win the “American Institute of Architects (AIA) Trifecta”: the highly coveted AIA Award for Excellence in Design, the AIA Award for Distinguished Architecture, and the AIA National Honor Award.

Developed environmental cleanup cost estimates, purchaser screening criteria, and contracting options for European super major in connection with divestiture of environmentally contaminated U.S. downstream operating assets.

Helped direct financial engineering and risk management for the world’s largest dedicated brownfield investment entity with over US $2 billion under management.

Developed innovative environmental risk financing options for Barrick Gold Coporation, the world’s largest gold mining company based in Canada.

We insist on delivering quantifiable value and are pleased to consider options for sharing risks and rewards with our clients.

Let us help you turn environmental risk into financial opportunity.