You can look at the 113 page opinion (pdf), or just accept the New York Times’ summary: The court turned aside a broad challenge to one part of the law, which established the Public Company Accounting Oversight Board to regulate the accounting industry. Some commentators had forecast that the court might throw out the entire [...] Read more > >
The FASB and IASB released their exposure draft of their proposed revenue recognition standards. From paragraphs IN8 and IN9 of the official document In summary, the core principle [of revenue recognition] would require an entity to recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration [...] Read more > >
Read my post from a few days ago on convertible debt. This topic of hybrids has long seemed like low-hanging fruit to me especially for experimentalists who can create conditions that don’t exist in the real world (which is probably what you would need to do for this topic). Any experimentalists out there who understand [...] Read more > >
FROM FORD MOTOR CO.’s 2009 financials. Convertible Debt Instruments. We adopted the FASB’s new standard on accounting for convertible debt instruments that may be settled in cash upon conversion (including partial cash settlement) on January 1, 2009. The standard specifies that issuers of convertible debt securities that, upon conversion, may be settled in cash should [...] Read more > >
Greg Waymire wrote this obituary for John Dickhaut, which will be forthcoming in Accounting Education News. Please feel free to share your thoughts or reminiscences in the comments. –RJB John Dickhaut passed away April 10, 2010 at his California home following a long and courageous battle with cancer. John was a widely respected member of [...] Read more > >
As most FASRI followers are aware, the IASB and FASB are revising their Conceptual Frameworks. The new and old frameworks posit that relevance of information for making decisions is a key attribute for determining if a particular number should be included in financial reports. Read more > >
We had a financial reporting course coordination meeting today here at UT Austin. We have a concepts course followed by intermediate in all one semester course. We were lamenting on the lack of fair value class / case materials. I have 2 cases that Katherine Schipper wrote for a FASB conference. But that’s about it. [...] Read more > >
BANKERS GET OFF EASY… Read more > >
I couldn’t resist. The title comes from the first line of today’s David Brook’s column in the New York Times. Read more > >
I was busy trying to update my class for the fall here. It seems discontinued operations turn a turn backwards, is that right? Anybody else following this one? Last year, they were trying to make the “thing” (to get technical) that qualifies for discontinued operations treatment be larger than in the past (be a SFAS [...] Read more > >