Peeling away financial reporting issues one layer at a time

Category for FASB/IASB – General

Revenue by (Logical) Deduction

It seems there is always good reason to write a post about revenue recognition.  I can even envisage an entire blog on  the FASB’s new standard (ASC 606). It could go on for years without [Read More...]

Toward a More Appropriate Objective for the FASB (and IASB)

I hoped that my previous post would make a compelling argument for why a more focused objective for the FASB could lead to standards that would better serve the public interest. Some readers liked it; [Read More...]

Is “Accounting” Really Accounting?

I wonder why so little is made of the fact that key technical terms in U.S. financial reporting are misleading perversions of plain English?  As a sampling, consider these, which I have written about in [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...]

FASB Fiddles (Again) While Banks Burn (Us Again)

While on the cusp of one more financial crisis, the time has come to ask yet again: What is the FASB accomplishing that will fix the deeply flawed accounting by banks for loan losses? Answer: nada, nichts, bupkis, absolutely nothing.

Instead, [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...]

“Reducing Complexity” — The Latest Red Herring from the FASB

I don’t have exact figures, but I’m fairly certain that the AICPA’s annual Washington, DC conference on SEC-related developments may be the place where you can find the highest number of accountants crammed [Read More...]

Has the FASB Approached Lease Accounting as an “Independent” Standard Setter?

The FASB is now 40 years old, and its lease accounting standards are about the same age.  Some would say that SFAS 13 was obsolete when issued, but it only became a front-burner [Read More...]

The Financial Accounting Foundation Has Outlived Its Usefulness (As if it Ever Was)

Let’s pretend that we could decide anew how accounting standards for U.S public companies should be promulgated.  Who would want the operations to be run by the Financial Accounting Foundation?  Are there other [Read More...]

The FRF for SMEs is a “Sack of Mush” — According to Walter Schuetze

Shortly after my most recent post on the AICPA’s new FRF for SMEs,  NASBA issued a press release that was clearly intended to keep the public spat between the two national organizations [Read More...]