Note: This post was published about 12 hours prior to publication of Justin Hyde's article on the same topic in the Detroit Free Press. Justin was the one who brought the topic to my attention, and I made the decision…
The Financial Accounting Foundation (FAF), the body that governs the FASB, has issued a press release announcing the results of its one meeting to consider the feedback on their proposals to change the way the FASB operates. To reiterate from…
ARB, APB, SFAS, SOP, EITF, FSP, AIN, FIN, CON, SAB, AAER, FRP, ASR, S-X. These are all authoritative sources of GAAP, and I probably left some out. So, four years ago, the FASB began work on its project to simplify…
Christopher Cox, the current SEC chairman, is sure to head out the door soon after a new prez is inaugurated. So, just as last night's State of the Union address stimulated debate about the incumbent's record and what his legacy…
I'm going to write about auditing in this post, and my remarks are motivated by a report published by Audit Analytics on the number of restatements engendered by the adoption of SEC Staff Accounting Bulletin No. 108 (SAB 108) on…
I am happy to report that the FASB's recently issued Preliminary Views document entitled Financial Instruments with Characteristics of Equity fills me with cautious optimism that, at long last, the FASB may actually be able to create a principles-based accounting…
Would you like your staff to learn more aboutSEC reporting? Click here for a sample in-house training agenda!The securities laws give the SEC broad power to create regulations to implement the pertinent statutes. The political appointees of the Commission, in…
In yesterday's post, I wrote about Merrill's big bath charge. Two other recent news items confirm that not much as changed since Arthur Levitt declared war on earnings management games almost 10 years ago: the big bath accounting charge still…
Did you know that: The Sarbanes Oxley Act requires the Public Company Accounting Oversight Board (PCAOB) to inspect audit firms with one or more public companies as clients at least once every three years, and that firms with more than…
Would you like your staff to learn more aboutSEC reporting? Click here for a sample in-house training agenda!Teri Lombardi Yohn, an associate professor at Indiana University, has provided Senate testimony on the SEC's proposal (Rel. No. 33-8818)to permit foreign private…