I will have a lot to say about the FASB's recent publication of its proposed revisions to the accounting for loans over the next few months. In particular, I'm going to vivisect the horrendous "basis for conclusions" section of Proposed…
On Monday evening I received an email from Denny Beresford, former FASB chair (once again via the AECM listserv). Although I feel compelled to state that Denny's letter does not change my own views on the key issues, it provides much…
Whenever I write about valuation or IFRS convergence, I know that an email from Alfred King will be arriving shortly. Alfred has been living and breathing valuation for decades, and he has served on numerous committees of FEI, IMA and…
M. Michel BarnierEuropean Commissioner for Internal Market and Services Re: Green Paper, "Audit Policy: Lessons from the Crisis" Dear M. Barnier: My fellow blogger, Francine McKenna, has recently observed that the negative consequences of "Big Four" dominance of auditing services to…
Kudos to The Economist for summarizing in slightly more than one-third of a page the critical issues that will determine the future of financial reporting. Leading off: "Despite the departures of Sir David [Tweedie, IASB] and Mr Herz [Robert, FASB],…
This is one thing of which I am certain: If finalized, the fair value provisions of the FASB's financial instruments exposure draft (file no 1810-100) would be the most significant change to financial reporting since the founding of the FASB…
When I started my blog almost exactly 3 years ago now, my opening strategy was to work down a rather limited personal inventory of pet peeves. I wanted to stay above the fray, but that proved impossible. I soon became hopelessly…
I don't watch TV very much, except for sports – lots of sports. I nonetheless tore myself away from ESPN for thirty minutes last week when a friend strongly suggested that I watch an interview of Paul Volcker (former Fed…
Haven't Taken Our IFRS Opinion Survey?We Need Your Input!! Click here to answer 12 brief questions. My previous post lambasted the FASB for shilling the SEC's whacky proposal to measure the year-end value of oil and gas reserves at average prices for…