Peeling away financial reporting issues one layer at a time

Tag archive for US GAAP

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...]

Caterpillar: Another Sad Example of Bad Goodwill Accounting

After having just written a post on HP’s massive write-off of goodwill, I am reluctant to keep on banging the drum of how bad goodwill accounting can be.  But, I can’t resist following up on [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...]

The SEC’s “90% Convergence” Fantasy

"…[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, [Read More...]

It’s Nice to Win Something, Even if it’s the “Losing Cause Man of the Year”

No one likes to be told they are irrelevant, but that was my first reaction to Bob Jensen's AECM post, in which he dubbed me the "Losing Cause Man of the Year." I [Read More...]

More SEC Reports on IFRS Coming: Will they be Genuine Analysis or Just More Dithering?

The minutes of the latest meeting of the SEC Staff with the CAQ SEC Regulations Committee provide an indication of what may be coming soon on the IFRS adoption front:

"Jill Davis [Read More...]

A Loan Accounting Problem to Make “Amortized Cost” Proponents Squirm

Some folks can see fine art in a soup can label, or poetry in a user's manual. I don't mean to brag when I state that I have a similar talent.  I seem to have a [Read More...]

ASU 2010-19: When a Dollar of Cash Is More Than a Dollar on the Balance Sheet

If you think you can find a larger wart on the backside of US GAAP than the one I am about to describe, then give it your best shot.

Here it is in a [Read More...]

Failed Convergence of R&D Accounting: Only Politicians and Opportunists Would Have Downplayed the Implications

Unlike BP, which eventually came to admit the actual rate at which oil has been spurting into the Louisiana Gulf, the FASB and IASB continually resist any acknowledgement that the gulf between the two financial reporting [Read More...]