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tom.selling@accountingonion.com

GAAP and the Federal Budget Deficit

The accounting topic of the season is income taxes.  But, as the nation contemplates what Congress could end up passing, I want to talk about how one under-the-radar amendment to financial accounting standards has been quietly adding to the federal…

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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, the FASB has been wallowing…

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