I’m not going to beat around the bush here. James Schnurr’s first major speech as the SEC’s Chief Accountant amounted to 3,000 words of next-to-nothing. He achieved this prodigious rhetorical feat with a medley of five disparate topics, such that each one could only be discussed in the most superficial terms.
In an effort to make something from next-to-nothing, I have sorted these five topics in rough ascending order of their next-to-nothingness. (Parentheses are used to reveal Mr. Schnurr’s secret thoughts.)
Audit Committee Disclosure — The disclosure rules haven’t changed since 1999. Chair Mary Jo White thinks it’s time to change them. Mr. Schnurr has thought a lot about this. We haven’t the slightest idea what he will recommend to the Commission. (He doesn’t want to change anything.)
The New Revenue Recognition Standard — The words in the Accounting Standards Codification will be vaguer (to convey the false impression that the new standard [Read More...]