Pick any class of upper-level accounting students, and give them a few cases of supplier/customer relationships for which “gross versus net presentation” of revenues is an issue, and I’ll wager that the class will come to a consensus on the presentation…
Last November, the FASB issued Proposed Accounting Standards Update 1900-100, Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements: "During the global economic crisis, capital market participants questioned the necessity and usefulness of the collateral maintenance guidance…
As I wrote a few weeks ago, the most recent display of public handwringing is taking place in Europe over the distinct possibility that one of the Big Four could be forced out of the auditing business. According to a…
To begin this second installment on the boards' (IASB and FASB) Conceptual Framework project, here is a brief summary of my first post. A 'bridge to nowhere' – The boards (FASB and IASB) are planning to construct a new conceptual…
It is my pleasure and privilege to provide you with an original essay from someone else besides yours truly. Michael Pakaluk received his A.B. and Ph.D. in philosophy from Harvard University, and has taught at Clark, Brown and CUA, among…
The IASB and FASB jointly announced the completion of the first stage of their joint conceptual framework project this week. The eight-phase project was begun almost exactly seven years ago, and the first stage has just now been 'finalized.' For…
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…
Unlike BP, which eventually came to admit the actual rate at which oil has been spurting into the Louisiana Gulf, the FASB and IASB continually resist any acknowledgement that the gulf between the two financial reporting regimes will remain vast, even under…
I am, and have always been, a very reluctant user of pen and paper. Even on the rare occasion where I am sufficiently moved to take handwritten notes, they frequently end up to be little more than random doodling. Soon…
My blog 'readership' (shame on me for using such a stuffy term!) primarily consists of preparers, auditors and journalists. But, for those intrepid analysts who actually do read my blog, this week I have something especially for you! I humbly…