Peeling away financial reporting issues one layer at a time

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The Politics of Accounting Convergence: Who’s Got the Power?

The gap between U.S. GAAP (unintentional pun) and International Financial Reporting Standards is a Grand Canyon.  How could it not be so, when U.S. GAAP takes up about 25,000 pages, while IFRS is a [Read More...]

Credit Rating Agencies and Auditors Have Something in Common: Independence Problems

Sarah Johnson of CFO.com has written a nice summary of congressional concerns about the independence and role of credit rating agencies arising out of Enron and now, the subprime loan debacle. 

Accounting and [Read More...]