Peeling away financial reporting issues one layer at a time

Category for Books

“Going Public” is More than a Memoir by an SEC Staffer — Which is Unfortunate

There is more to the securities laws and their administration by the SEC than just the ’33 and ’34 Acts.  The Investment [Read More...]

Long on “The Big Short”

With the Oscars nigh upon us, I should tell you that I fell short of my goal to see The Big Short.   How did subprime mortgages morph into weapons of [Read More...]

Camfferman and Zeff on the IASB

This is my third post for today.

About 20 years ago (it’s been that long already!), I had a fairly regular gig traveling to Europe and Dubai to make presentations about SEC disclosure requirements that [Read More...]

“The Bankers’ New Clothes” is NOT a Fable

There are two types of people in the world: those who like to divide people into two types, and those who don’t.

Too simple? OK, try this one: some people find taxonomies very helpful; and others, not [Read More...]

“Double Entry”: A Tale of Two Books

If you are looking to buy a holiday present for an accountant, then you should consider Double Entry: How the Merchants of Venice Created Modern Finance. It's a pretty fast read – [Read More...]

“Thinking Fast and Slow” about Auditing

My writings in this blog have focused on the absence of linkages between financial reporting and the economic concepts like wealth and value creation/destruction. But, accounting is more than applied economics. Individuals acquire accounting [Read More...]

FASB Alumnus Trashes GAAP (and IFRS)

When I started my blog almost exactly 3 years ago now, my opening strategy was to work down a rather limited personal inventory of pet peeves. I wanted to stay above the fray, but [Read More...]

A Tale of Shorn Sheep, Slaughtered Pigs and Keystone Cops

No One Would Listen: A True Financial Thriller is Harry Markopolos's own story of a futile eight-year quest to expose the $65 billion Madoff fraud. As an SEC alum myself, I [Read More...]

Fiddling with Fair Value as Rome Burns

If you took a look at the House Bill that went down in flames today, you might have caught Congress fiddling with GAAP as Rome burned. See Section 132 of the bill proposed to empower [Read More...]