Peeling away financial reporting issues one layer at a time

Tag archive for U.S. GAAP

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...]

How Accounting Standards Went Insane: It Didn’t Start with IFRS Convergence

If you subscribe to The Atlantic magazine, the title of this post may ring a bell — a riff on  “How American Politics Went Insane: It Didn’t Start with Donald Trump…”  from the July/August edition.  Now that [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...]

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...]

What the Chief Accountant’s Resignation Means for the Future of IFRS in the U.S.

As I was sitting down today to write the second and final installment on periodic lease expense, I received this email from a friend [bold italics supplied by yours truly]:

I [Read More...]

Accounting without Rules — or Principles

Ted's Accounting Question

My friend, Ted (not his real name), is the ex-treasurer of a very large public company where he acquired extensive experience in solving accounting problems. He departed a few years ago [Read More...]

SEC IFRS Roundtable Debrief: March of the Zombies

If IFRS incorporation is supposed to be some fantastic opportunity for achieving one set of accounting standards worldwide, then why was no one at the SEC's Roundtable on [Read More...]

“Convergence Flaws” v. Convergence Spin

I recently read the transcripts of two recent speeches on the question of the future of IFRS in the US.  They are as different as two speeches could be on this topic.

As one might [Read More...]

New PCAOB Chair Appears to Have His Heart in the Right Place

After I left the SEC, Executive Enterprise Institute signed me up to produce and chair various SEC and financial reporting courses. Our collaboration is still going strong, and they have given me lots [Read More...]