Peeling away financial reporting issues one layer at a time

» FASB/IASB – General

The AICPA’s Financial Reporting Framework: How Low Should a Professional Go?

The AICPA, in its spat with NASBA over its recently released Financial Reporting Framework for SMEs (my very own critique is here), has loudly and often declaimed that the purveyors of GAAP [Read More...]

For Whom Does the FASB Toil? (Not for Investors)

The FASB’s exposure draft on loan losses is a huge disappointment:

Investors will not be helped by this approach; The numbers produced by the ED will be whatever the bank CEO wants; The wording of the ED [Read More...]

Financial Accounting’s Relevance Lost

My best insights (but who am I to judge?) come from reading something for which accounting is the furthest thing from the author’s mind:

“My own view is that people tend to underestimate the [Read More...]

Marking Loans to Model is Far Easier and Better than Estimating Loan Loss Allowances: It’s Time to Hear from the FASB Members who Changed Their Minds about That

Tom

I'm [Osman Sattar,] a relatively new reader to your blog and I understand that you favour market values in accounting. In this article, you say that:

[Read More...]

Ten Claims in Support of IFRS Adoption by the SEC – and Why They are False (Part Three of Three)

Click here for Part One of this Three-Part Series.

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False Claim # 6:    Costs of conversion to IFRS can be spread out over a long transition [Read More...]

Ten Claims in Support of IFRS Adoption by the SEC – and Why They are False (Part Two of Three)

Click here for Part One of this Three-Part Series.

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False Claim #2: A move to IFRS would restore the public trust in accounting standards.

I'm [Read More...]

Ten Claims in Support of IFRS Adoption by the SEC – and Why They are False (Part One of Three)

Dear Reader,

This essay is far too long for one blog post. For that reason, I have chopped it into three pieces, with links at the end of each one to take you to [Read More...]

Stock Compensation, Tax Law, Financial Reporting and Facebook’s IPO

Last August, I wrote a post in which I expressed my dismay that Carl Levin (D-Michigan) and Sherrod Brown (D-Ohio) are trying to make tax law based on the premise that FASB rules [Read More...]

“Vulture” Capitalism, Accounting … and Mitt Romney?

Rabid conservative ideologues believe that everything transacted in a free-market, i.e., unfettered by government involvement or regulation, is by definition a good thing. I presume this is why Newt Gingrich acted like he was between [Read More...]

What Should “Investor Protection” Mean to Accounting Standards Setters?

If you were to ask a financial regulator what 'investor protection' means in the context of accounting standards, the textbook response will have something to do with ensuring that investors have enough information to [Read More...]