OK, let’s start with something positive. The FASB recently issued proposals to simplify two accounting topics, and whaddya know, I am actually in favor of one of them. The "extraordinary item” income statement category is rarely used, and the highly…
"Full convergence with the United States - leading to the creation of one single set of global accounting standards - is no longer an achievable project… But IFRS moves on - we have a large part of the world…
...Eye of newt, and toe of frog, Wool of bat, and tongue of dog, Adder's fork, and blind-worm's sting, Lizard's leg, and owlet's wing ... If you have read my blog every now and then, it won't come as a…
There is so much I would like to write about, yet so little time... I could write about the latest half measure on the accounting for repurchase agreements (ASU 2014-11)— and that Tom Linsmeier’s lone dissent is highly similar to…
“FASB is preparing to consider foundational changes that could significantly alter financial reporting in the future as well as standards improvements that will reduce complexity, board Chairman Russell Golden said … in a speech at the 13th annual Financial Reporting Conference…
Two posts ago, I provided two reasons for the PCAOB* to take the opportunity of its auditor’s report project to look closely at the meaning of, “fairly presented … in accordance with Generally Accepted Accounting Principles”: Truth in labeling —…
The PCAOB* has proposed a new standard to make the auditor’s report more informative. If finalized in its present form, it would provide more and/or better information concerning the following: Critical audit matters (as determined by the auditor). Auditor independence and…
“I do not deny that what happened to us is a thing worth laughing at. But it is not worth telling, for not everyone is sufficiently intelligent to be able to see things from the right point of view.” —…
For many of the financial reporting questions of the day, the right way forward is self-evident and direct. "Build it and they will come," I say. But far too often, policy makers allow themselves to be bogged down by executive-class…
I don't have exact figures, but I'm fairly certain that the AICPA's annual Washington, DC conference on SEC-related developments may be the place where you can find the highest number of accountants crammed into a single hotel ballroom. And that's…