I hoped that my previous post would make a compelling argument for why a more focused objective for the FASB could lead to standards that would better serve the public interest. Some readers liked it; however, two former policy makers were…
After having just written a post on HP’s massive write-off of goodwill, I am reluctant to keep on banging the drum of how bad goodwill accounting can be. But, I can’t resist following up on Bloomberg columnist Jonathan Weil’s coverage of yet another…
This is my second post reviewing the SEC Staff's Report on its IFRS Work Plan. My first post is here. To recap only slightly, the best news to come out of the Staff Report is a forthright acknowledgement that outright…
I am proud to announce that I did my civic duty yesterday. I turned off all of my electronic devices for the entire day and actually read the entire final SEC Staff report on its IFRS Work Plan. After finishing,…
"…[W]e know there are going to be challenging issues to resolve under any [IFRS] incorporation decision. The issues of LIFO and contingencies immediately come to mind. But even with all of this, I would offer up one final thought for…
No one likes to be told they are irrelevant, but that was my first reaction to Bob Jensen's AECM post, in which he dubbed me the "Losing Cause Man of the Year." I am certain that Bob meant it as…
The minutes of the latest meeting of the SEC Staff with the CAQ SEC Regulations Committee provide an indication of what may be coming soon on the IFRS adoption front: "Jill Davis [Associate Chief Accountant in the Division of Corporation…
Some folks can see fine art in a soup can label, or poetry in a user's manual. I don't mean to brag when I state that I have a similar talent. I seem to have a knack for stumbling upon interesting accounting…
If you think you can find a larger wart on the backside of US GAAP than the one I am about to describe, then give it your best shot. Here it is in a nutshell: a careful and cynical application…
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…