Alas, I have not posted very much of late. But, it's only because I am trying to find as much time as possible to write my book describing a simple, comprehensive and robust basis of accounting that any public company could…
A long time ago — in 2004, to be exact — the FASB and IASB announced that they would jointly develop a common “conceptual framework.” They divided the work into eight phases. It took them almost seven years to complete the…
My Shareholder Oriented Financial Accounting (S-OFA) Standards will require that debits equal credits. Duh. But if I am truly going to start with a clean sheet of paper, then I am compelled to explain how double-entry accounting serves a purpose. I see three…
I’m starting a company and I want you to invest. I will put up $100 of my money for $10 million of yours. I will own 100 shares of voting stock, and you will own 10 million shares of non-voting…
Last December, I announced that I have started to write a book that would propose a very different basis for financial accounting by public companies. I’m calling it ‘Shareholder-Oriented Financial Accounting’ (S-OFA), and this is the opening paragraph I have in mind:…