Peeling away financial reporting issues one layer at a time

Tag archive for SEC

Rays of Sunlight to Shine on Audits — and Auditability

Yesterday was a very good day for investors! The SEC finally approved PCAOB rules that will make a lot more information public about what actually went down during [Read More...]

“Going Public” is More than a Memoir by an SEC Staffer — Which is Unfortunate

There is more to the securities laws and their administration by the SEC than just the ’33 and ’34 Acts.  The Investment [Read More...]

The Asset “Impairment“ Song and Dance (Part 1 of 2)

Two recent news items have made this an opportune time for a post — actually, two posts —  about the accounting for the “impairment” of an asset.

The SEC is considering whether Exxon violated the [Read More...]

Could Wells Fargo be the Next Big MD&A Enforcement Action?

The question occurred to me after reading Francine McKenna’s coverage of Senate hearing testimony by Wells Fargo’s CEO about the nearly 2 million unauthorized credit card and savings account openings.  I don’t know if the [Read More...]

Toward a More Appropriate Objective for the FASB (and IASB)

I hoped that my previous post would make a compelling argument for why a more focused objective for the FASB could lead to standards that would better serve the public interest. Some readers liked it; [Read More...]

Why the FASB Won’t Define “Financial Accounting”*

The FASB has been prolific by any measure. The codification of authoritative GAAP alone is almost 8,000 pages for goodness sake. Believe it or not, that’s about twice as wordy as the [Read More...]

The Parable of the Good Big-Four-Congressman

U.S. Representative Scott Garrett (Republican, New Jersey) was first elected to Congress in 2002, months after the passage of the Sarbanes-Oxley Act.  A couple of weeks ago, he introduced legislation that would amend S-OX [Read More...]

Move Over Kickstarter, Here Comes Crowdfunding

Yesterday was a big day for the capital markets.  For the first time, startups can raise (relatively small amounts of) capital from the public without registering with the SEC and by offering its [Read More...]

Long on “The Big Short”

With the Oscars nigh upon us, I should tell you that I fell short of my goal to see The Big Short.   How did subprime mortgages morph into weapons of [Read More...]

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, [Read More...]