When the AAA-FASC committee wrote a letter opposing the Perlmutter Amendment, I asked “Are there any academics who would support such a proposal?”

It turns out the answer is yes:  David Albrecht of Concordia College, and author of the blog The Summa (as in the book by Brother Luca Pacioli, father of double entry bookkeeping).  Here is his argument, in a nutshell:

“It could very well be that the Perlmutter proposal is the last opportunity to derail IFRS adoption in the U.S.  Defeat of his proposal would clear the way for an SEC announcement that the U.S. has adopted IFRS.”

I have to agree on one point here:  the Perlmutter amendment would be a wrench in the spokes of the convergence process.However, I am not nearly as critical of convergence as David is.  Prof. Albrecht doesn’t mince words:

“Political factors, and the governmental processes that adjudicate between them, are not the same all over the world.  They are different in parts of Europe and Asia than they are in the U.S.  As a result, the League of Nations could not function as envisioned, neither could the United Nations.Similar political processes affect accounting standard setting.  Surprise!  How reasonable is it to think that global accounting standard setters are going to be responsive to economic interests in your part of the world?  France is already discovering that the IASB’s IFRS are not responsive to certain French economic interests.  So France is balking.  As it should.  Ceding control of French economic interests over to the IASB was a stupid thing to do.  It was incredibly stupid.  And so it will be if the U.S. does likewise.”

The blog is worth a look, though it is a bit strident for my taste.  For example, you won’t find this type of thing in my own writing:

As I blogged yesterday, any nation that cedes control over some aspect of its economy to an extra-national body is incredibly stupid. Today I add that it is brainless, dazed, deficient, dense, dim, doltish, dopey, dull, dumb, foolish, futile, gullible, half-baked, half-witted, idiotic, ill-advised, imbecilic, inane, indiscreet, insensate, irrelevant, laughable, ludicrous, meaningless, mindless, moronic, naive, nonsensical, obtuse, out to lunch, pointless, puerile, rash, senseless, shortsighted, simple, simpleminded, slow, sluggish, stolid, stupefied, thick, thick-headed, trivial, unintelligent, unthinking, and witless (synonyms supplied by thesaurus.com).

On the other hand, there is a very entertaining post on ‘toying with plagiarists‘ that I think teachers in every field can enjoy.  A tiny excerpt of an imagined conversation between a professor and a student who had obviously plagiarized:

“Strange, I read something on this topic recently.”  I pulled the download from my drawer.  “The author uses many vocabulary words you do.  Whole passages, in fact.  Look here.  See?  And here.”  His head bent pretending to read, but his eyes were squeezed shut, awaiting the ax.  I couldn’t resist one last little twist.  “David, do you think some unscrupulous author saw your paper somewhere and copied it?”

Prof Albrecht may be on to something with that red text, by the way.  Definitely grabs my attention.