One of the most positive financial reporting policy developments in a long time is the FASB's announcement, about a month ago, of its intent to require fair value accounting for nearly all financial instruments. An exposure draft is supposed to…
"Converge" from Merriam-Webster's Online Dictionary: to tend or move toward one point or another: come together: meet to come together and unite in a common interest or focus to approach a limit as the number of terms increases without limit…
I can usually find enough time to write only one post each week. Consequently, much of what I considered to be high-quality fodder is washed away by the exigencies of my real work. This week, however, had too many interesting news items,…
In a recent post on business combinations accounting that is related to SAB 112, I criticized the FASB for creating yet another loophole in business combinations accounting that make M&A transactions more attractive than they really should be. To recap, I described how JP Morgan…
What the FASB calls "contingent liabilities" in FAS 5, the IASB terms "provisions" in IAS 37. I prefer the IASB's language, because of its pejorative ring to my American ears: it more clearly connotes the virtually unchecked discretion issuers have…
The comment period has ended on the IASB and FASB's joint discussion paper (DP), Preliminary Views on Financial Statement Presentation, and it looks like there's going to be a rumble between investor advocates and issuer special interests. I have written…
In my previous post, I let 'er rip at the IASB/FASB "preliminary views" on measuring lease contract assets and liabilities. A close second on my list of investor-unfriendliness contained in their joint lease accounting Discussion Paper is the proposal that lease options…
A couple of weeks ago, the FASB and IASB jointly published a discussion paper (DP) entitled Leases: Preliminary Views. I take no pleasure in saying that SFAS 13 is the oldest worst accounting standard currently living and breathing; and the…
In the public FASB meeting on Tuesday, one of the topics was revenue recognition under circumstances where the consideration received is other than cash. The Board discussed how to value the consideration received, and I am told that a majority…
"It's painful now to read a lecture that Mr. [Lawrence] Summers [who is currently President Obama's principle economic adviser as chair of the NEC] gave in early 2000, as the economic crisis of the 1990s was winding down. Discussing the…