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…
In researching an IFRS question recently, I stumbled across a whole new (for me) source of stealth guidance put out by the IASB's International Financial Reporting Interpretations Committee (IFRIC). I am referring to official descriptions of issues that were presented to IFRIC,…
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…
On the science/entertainment TV show, Mythbusters, a zany cast of characters attempt to smash various colorful or popular myths to smithereens (often literally) using the scientific method (sort of). Can duct tape really be used to float a boat? Which…
The April issue of CA Magazine, which is published by the Canadian Institute of Chartered Accountants, has a lengthy feature article provocatively entitled "IFRS: Dead in the USA?". It author is Lawrence Quinn, a freelance writer based in Atlanta. Thus,…
The accounting world has been all aflutter since last Friday, February 19th, when at what must have been the latest possible moment, the SEC announced that it will hold a meeting tomorrow, February 24th, to "…consider whether to publish a…
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';…