Unit of account / bifurcate / aggregate / link presentation / combine

I am working on a research paper on the unit of account. Well, no it’s really about bifurcation of compound financial instruments. But wait, it’s really about aggregation. I guess one could say it’s about linking the presentation of things too. My head is whirling. Exactly. The point of the paper is not about the [...] Read more > >

Does the FASB have a balance sheet perspective?

Implicit in the FASB’s conceptual framework is a balance sheet (rather than an income statement) perspective. This has nothing to do with the relative decision usefulness of balance sheet vis-à-vis income statement information. Instead, it is the result of a decision (which I agree with) to define income in terms of changes in net assets. [...] Read more > >


Okay, so this is a stupid question .. but i don’t know the answer to it. When citing the new codification, one includes the applicable section number. But what do you do for FASB ?? What year? Do we go to the year the underlying standard was issued or current year? Anybody know? Read more > >

FASB Appoints Next Research Fellow

The Financial Accounting Standards Board (FASB) is pleased to announce that Lynn Rees, Andersen Professor of Accounting in the Mays Business School at Texas A&M University, has accepted the FASB 2011-2012 Research Fellowship, which will begin in July. Background Each year, the FASB selects a member of the academic community to serve as a research fellow.  [...] Read more > >

Hot off the press

UPDATE:  Here is the direct link to the video of the testimony. –RJB Tomorrow morning at 9:30 AM, The U.S. Senate Committee on Banking, Housing and Urban Affairs will hold a hearing entitled: “The Role of the Accounting Profession in Preventing Another Financial Crisis” FASB Chairman Leslie Seidman and other prominent individuals in the accounting [...] Read more > >