Far too often (like here), I have been compelled to point out that "presented fairly" is much more sizzle than steak. I, myself, am sizzled over the fact that convergence with IFRS seems to be pushing financial reporting further from "fair,"…
I have written about initial recognition of goodwill on numerous occasions. I suppose it might be less bothersome if goodwill had the good grace to sit and stay like a good dog on the balance sheet at its opening 'value';…
I had believed that one of the few positives to come out of the wave of accounting scandals that broke at the beginning of the just-completed decade would be a general awareness of the critical role that financial reporting and…
One thing that everyone should be able to agree on is that the accounting rules for measuring and reporting revenue ("revenue recognition") are a huge mess. There are too many of them, and far too many inconsistencies amongst them. One…
I'm a night owl, but once I hit the sack, I'm out like a light for 8-9 hours. In fact, the two things I would say that I do best are type fast and sleep like a log. One recent…
I apologize for the long interval between this and my last posting – especially to those of you who have privately thanked me for material just boring enough, and long enough, to induce a good night's sleep. Tax blogs, I…
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…
Before I discuss the sordid details of a recent FASB proposal, please take a moment to read this hypothetical: What if the FASB were to issue a proposal to require companies holding marketable equity securities of oil companies to calculate and report…
Given my public record of opposition to IFRS adoption, you might be surprised to know that I have taught courses on IFRS for over ten years, beginning in Switzerland and the UK. If anybody is interested, I will be presenting a…
It came as no surprise that SEC Chief Accountant James Kroeker's first public foray, since Mary Schapiro deigned to remove "Acting" from his title, was to announce that the IFRS Roadmap has once again become a priority at the SEC.…