Toward a Measurement Framework for Financial Reporting by Profit-oriented Entities

I have completed a paper Toward a Measurement Framework for Financial Reporting by Profit-oriented Entities (132 pages) that has been published by the Canadian Institute of Chartered Accountants (CICA) at the request of the Canadian Accounting Standards Board (AcSB). The paper proposes a measurement framework that is reasoned from fundamental premises about economic business purposes, [...] Read more > >

Consensus for Leases is Difficult to Find

I’m going into my last week as a FASB Research Fellow.  The past year has been very educational for me as I’ve observed up close the process that the Board goes through in promulgating standards.  I’ve developed a better understanding as to why some projects proceed at a painstakingly slow pace.  I’ve also gained a [...] Read more > >

Introducing “Approach Y”: A Better Lease-Accounting Model for Lessees (Part 6)

(Previous Posts: Part 1, Part 2, Part 3, Part 4, Part 5) Here is the sixth in a series of working papers that I am preparing to explain “Approach Y”—a lease-accounting model for entities that are lessees. The new working paper provides additional evidence that the “Interest and Amortization” (I&A) model (formerly known as “Approach A” [...] Read more > >

FASRI Roundtable: FASB Projects on Leases

On July 24, FASRI will host a Roundtable on the latest developments for the FASB/IASB joint project on leases.  Leasing is a significant source of financing in the economy, but the current capital/operating lease accounting treatment has long been criticized as not meeting the needs of financial statement users and resulting in non-GAAP adjustments by [...] Read more > >

Introducing “Approach Y”: A Better Lease-Accounting Model for Lessees (Part 5)

(Previous Posts: Part 1, Part 2, Part 3, Part 4) Here is the fifth in a series of working papers that I am preparing to explain “Approach Y”—a lease-accounting model for entities that are lessees. The new working paper focuses on the significant implications of Approach Y’s terminology, i.e., the specific words and phrases that are integral [...] Read more > >