FASB Decrees that 2 + 2 < 4
On the one hand, I am happy to report that we are approaching the end of the darkest era in the history of U.S. accounting standards, during which the Accounting Establishment did their best to convince the rest of us…
On the one hand, I am happy to report that we are approaching the end of the darkest era in the history of U.S. accounting standards, during which the Accounting Establishment did their best to convince the rest of us…
As I stated in my post on ASU 2015-03, the accounting for debt issue costs is relatively small potatoes. The point was to illustrate that the FASB’s so-called “simplification initiative” was driven by politics, and that actual simplification might, or…
"Full convergence with the United States - leading to the creation of one single set of global accounting standards - is no longer an achievable project… But IFRS moves on - we have a large part of the world…
The International forum of Independent Audit Regulators (IFIAR) has published its second annual survey of audit inspections of the Big Four plus BDO and Grant Thornton firms around the world: “The leading areas of deficiency in inspected auditors of ……
(See a correction at the end of this post.) The CFA Institute has recently published a report that summarizes the findings of its member survey on the FASB and IASB's proposals for recognition and measurement of credit losses. The two…
Hank Paulson, former Treasury Secretary, recently gave an interview to Marketplace host Kai Ryssdal to mark the fifth anniversary of the Lehman Brothers bankruptcy. More to the point, Mr. Paulson said that he decided to re-issue his book on the 2008…
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 is so permissive…
Even if the average citizen might have shrugged with resignation over the Senate's abandonment of gun control legislation, surely she must be in awe of the power of the NRA to bend democratically-elected senators to its will. On a less-visible…
I read numerous news sources this week echoing the SEC's announcement that it finally has a case it thinks it can win against auditors stemming from the 2008 financial crisis. One journalist, Jon Weil of Bloomberg, takes it a step…
I will have a lot to say about the FASB's recent publication of its proposed revisions to the accounting for loans over the next few months. In particular, I'm going to vivisect the horrendous "basis for conclusions" section of Proposed…