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…
Continuing with my theme of the U.S. GAAP/IFRS convergence misinformation campaign being waged by the Journal of Accountancy, the latest and greatest example is an article from the February edition, "What have IASB and FASB Convergence Efforts Achieved?" that appeared…
No one will ever say that U.S. GAAP revenue recognition standards are consistently principles-based, but few would say the system needs to be completely overhauled. Other than to achieve convergence of U.S. GAAP and IFRS, what will a new revenue…
This is my second post reviewing the SEC Staff's Report on its IFRS Work Plan. My first post is here. To recap only slightly, the best news to come out of the Staff Report is a forthright acknowledgement that outright…
I am proud to announce that I did my civic duty yesterday. I turned off all of my electronic devices for the entire day and actually read the entire final SEC Staff report on its IFRS Work Plan. After finishing,…
Click here for Part One of this Three-Part Series. * * * * * False Claim # 6: Costs of conversion to IFRS can be spread out over a long transition period. All I can do here is to point out…
Click here for Part One of this Three-Part Series. * * * * * False Claim #2: A move to IFRS would restore the public trust in accounting standards. I'm going to present three examples – one from 2007 and…
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 the next. I apologize for any…
As told to me by a faculty member at Ohio State, who heard it in a presentation by Eugene Flegm, former general auditor for General Motors: Some years after the end of World War II, GM was negotiating a new…
"…[W]e know there are going to be challenging issues to resolve under any [IFRS] incorporation decision. The issues of LIFO and contingencies immediately come to mind. But even with all of this, I would offer up one final thought for…