Tom Selling has a few interesting posts on The Accounting Onion.  First, he takes a careful look at troublesome Revenue Recognition practices at Apollo Group, the parent company of University of Phoenix.  He also provides a broader list of red flags that analysts should add to their repertoire.  These are useful posts for academics, with implications for teaching (both posts) and possible directions for research (are any of the red flags already supported by large-sample studies?  could they be?)

Sandwiched in between those posts is one suggesting that the FASB review its mission statement.  I don’t see much benefit to that, myself.  I think the basic mission is fairly clear from the reworking of the Conceptual Framework, and my guess is that Tom Selling would probably argue (like many others) that no mission statement will be all that helpful in crafting specific standards.  The post is worth a look–especially for some interesting quotes from former FASB chairman Dennis Beresford.  I will include part of one here:

But what I find most interesting about the recent decision for the Boards to start meeting every month and to complete the converge plan by 2011 is that these are projects that have begged for a solution for decades in some cases and now they will supposedly be finished in two years. The consolidation project, for example, was added to the FASB’s agenda in 1982 and the Board has never been able to operationalize a definition of ‘control.’ But somehow the joint efforts of FASB and IASB will now solve that issue in 24 months, including all of the normal due process.

Of course, now that FASRI is on the scene, these will all be a walk in the park!