Peeling away financial reporting issues one layer at a time

Tag archive for IFRS

Camfferman and Zeff on the IASB

This is my third post for today.

About 20 years ago (it’s been that long already!), I had a fairly regular gig traveling to Europe and Dubai to make presentations about SEC disclosure requirements that [Read More...]

Instead of Converging Two Sacks of Mush, Let’s Reimagine What Accounting Could Be

Here is a summary of Chief Accountant James Schnurr’s recent remarks regarding IFRS:

Despite having been a national office partner at Deloitte, and being closely involved with the firm’s promotion of IFRS, he still needed [Read More...]

Sweet Next-to-Nothings from the SEC’s Chief Accountant

I’m not going to beat around the bush here.  James Schnurr’s first major speech as the SEC’s Chief Accountant amounted to 3,000 words of next-to-nothing.  He achieved this prodigious rhetorical feat with a medley [Read More...]

Gross versus Net Presentation: The First of Many Revenue Recognition Debacles to Come?

Pick any class of upper-level accounting students, and give them a few cases of supplier/customer relationships for which “gross versus net presentation” of revenues is an issue, and I’ll wager that the class will come [Read More...]

Autonomy: Investors are Entitled to Know what HP’s Management Knows — by New Year’s Eve

Hewlett Packard Co. claims they were 'misled' (to put it mildly) by accounting 'misstatements' (to put it mildly) into overpaying, on the order of $8 billion, to acquire Autonomy. But, if anybody outside [Read More...]

The IASB’s Stages of Grief

The Mary Schapiro era at the SEC is coming to an end without, despite herculean efforts, having moved the ball forward on IFRS convergence. The final denouement was the departure of Chief Accountant James [Read More...]

Revenue Recognition Sure Isn’t Perfect – But Convergence will be much Worse

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 [Read More...]

It’s Crunch Time for Loan Accounting – and Convergence

Once one chooses to ignore market values and to account for loans on the basis of "amortized cost" – as the IASB has "tentatively" concluded and the FASB may now be starting to question [Read More...]

Accounting and World Peace: It’s Time for the SEC to get Real

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 [Read More...]

SEC Kicks IFRS Further Down the Road(map)

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 [Read More...]