Peeling away financial reporting issues one layer at a time

Category for Disclosures

Could Wells Fargo be the Next Big MD&A Enforcement Action?

The question occurred to me after reading Francine McKenna’s coverage of Senate hearing testimony by Wells Fargo’s CEO about the nearly 2 million unauthorized credit card and savings account openings.  I don’t know if the [Read More...]

How Accounting Standards Went Insane: It Didn’t Start with IFRS Convergence

If you subscribe to The Atlantic magazine, the title of this post may ring a bell — a riff on  “How American Politics Went Insane: It Didn’t Start with Donald Trump…”  from the July/August edition.  Now that [Read More...]

On Its “Materiality” Proposals, Will the FASB Heed the Handwriting on the Web?

As I described in a previous post the FASB has two related proposals on the table related to materiality and financial statement notes:

An amendment to Concepts Statement No. 8 to replace its ersatz definition [Read More...]

Reining in “Non-GAAP Financial Measures”

At the recent AICPA-sponsored mega-conference on SEC and PCAOB developments (see KPMG’s summary, here), the SEC staff, and even its chair, devoted a significant amount of bandwidth to non-GAAP measures of financial performance.  Some [Read More...]

Materiality: The FASB is Shrinking the Envelope

This is the second of three posts today.  In this one, I want to talk about materiality — in general, and the recent proposals issued by the FASB. (The first post, a related one, [Read More...]

On Reconciliations and Financial Analysis

I have three things to write about today, which for the sake of length and ease of future reference, I will publish as three separate posts.  This is the first one.  

The FASB has [Read More...]

The Earnings Management is Hidden in the Details

With inspiration and encouragement from the John Hughes IFRS Blog, this post is a partial recycling from 2010 of Merrily We Roll Along — Forward and Up.   I had observed way back [Read More...]

Oil Stocks are Taking a Beating — But in 10-K’s, Not So Much

I have already warned you that if high quality financial statements from oil and gas companies are what you are looking for this year,  you won’t find much of that in 2014 annual [Read More...]

On Golden’s Con, Part III: Fixing the Disclosure Mess

…Eye of newt, and toe of frog, Wool of bat, and tongue of dog, Adder’s fork, and blind-worm’s sting, Lizard’s leg, and owlet’s wing …

If you have read my blog every now and then, it [Read More...]

The IASB’s Quixotic Attack on Disclosure “Boilerplate”

If the FASB and IASB are doing such a good job mucking up financial statements by working together on convergence projects, why have they decided to go their separate ways in their quests to seek [Read More...]