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…
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…
Do you think that stable funding could allow the IASB to divorce itself from the influence of the EU? If so, consider the example the FASB is setting under similar circumstances, and think again. The U.S. standard setter was granted…
Following my most recent post on financial statement presentation, Eddie Thomas, a frequent commenter of this blog, wrote: "Wouldn't investors be better off pushing for a more robust XBRL so that they can make their own decisions about what is…
Two readers, including Robert Bloomfield, Cornell accounting professor (my alma mater!) and Director of the Financial Accounting Standards Research Initiative (FASRI) of the FASB, were kind enough to point out an error in my previous post. Here is the gist…
This past October, the FASB and IASB issued a joint discussion paper with their preliminary views on financial statement presentation: "[The IASB and FASB initiated the joint project on financial statement presentation to address users' concerns that existing requirements permit…
In the current environment, I am an ardent supporter of those who would resist calls to suspend fair value accounting rules. But, when I was at the SEC, I had a front-row seat on what was perhaps one of the…
The issue I'm going to focus on is one that has been on everyone's mind for the last few months, although in a somewhat different context: the price of oil. The SEC has issued proposed rulemaking release No. 33-8935, Modernization…