A Tale of Shorn Sheep, Slaughtered Pigs and Keystone Cops
No One Would Listen: A True Financial Thriller is Harry Markopolos's own story of a futile eight-year quest to expose the $65 billion Madoff fraud. As an SEC alum myself, I was not looking forward to reading a blow-by-blow description…
Initial Reactions to the SEC Moving IFRS from the Fast Lane
I recently recorded a podcast for Compliance Week with editor Matt Kelly, who interviewed me on the SEC's most recent statement on IFRS—a clear detour from the original Roadmap by any reasonable estimation. Matt gave me some sample questions in…
Could Lehman’s Audit Committee Have Done Better?
I am, and have always been, a very reluctant user of pen and paper. Even on the rare occasion where I am sufficiently moved to take handwritten notes, they frequently end up to be little more than random doodling. Soon…
The Koss Fraud: Do Smaller Companies Need New Regulations or Better Old Regulations?
The Koss Corp. fraud case has been in the news since the end of December, so why am I just getting around to writing about it now? Because, that's the way I roll, man. I don't know if anyone has…
How Much Longer Will We Have to Put Up with Convergence?
The accounting world has been all aflutter since last Friday, February 19th, when at what must have been the latest possible moment, the SEC announced that it will hold a meeting tomorrow, February 24th, to "…consider whether to publish a…
Out with “Presented Fairly” and In With “Adhered to the Rules”
Far too often (like here), I have been compelled to point out that "presented fairly" is much more sizzle than steak. I, myself, am sizzled over the fact that convergence with IFRS seems to be pushing financial reporting further from "fair,"…
Merrily We Roll Along — Forward and Up
It took seven years for the FASB and IASB to publish its "preliminary views" exposure draft (ED) on the fundamental issues addressed by the Boards' joint financial statement presentation project. And just recently, the FASB staff has posted a ten-page…
Goodwill Impairment: I Love a Charade
I have written about initial recognition of goodwill on numerous occasions. I suppose it might be less bothersome if goodwill had the good grace to sit and stay like a good dog on the balance sheet at its opening 'value';…