Sir David Tweedie is an “Accounting Rock Star”

…or so says The Economist in this article. While I generally think highly of the The Economist, this article contains one of my pet peeves, which is a loose discussion of fair value. In particular, the article states that “In 2009, under its previous chairman, Bob Herz, FASB narrowly voted 3-2 that all assets should [...] Read more > >

Disclosure and the FASB

Not only will I be blogging about the Unit of Account / Disaggregation / Net vs. Gross / Whatever Words you Use, but I also will be posting about the FASB’s new disclosure project. So, what do you say when you teach your classes?? Probably what I say “oh yes and there are disclosures.. mumble [...] Read more > >

OCI Presentation Project Is the Tip of the Iceberg

The FASB just issued an accounting standards update concerning the presentation of comprehensive income.  Under prior guidance, companies can report comprehensive income in three ways.  The update eliminates one option – reporting the details of other comprehensive income in the statement of changes in stockholders’ equity.  The update continues to allow reporting in either a [...] Read more > >

Book well worth buying

I just got my copy of the FINANCIAL INSTRUMENTS: A comprehensive guide to accounting and reporting -2011 CCH publication, authored by Rosemarie Sangiuolo, Scott Taub, and Leslie Seidman. You might recall that last year I was struggling with the new accounting for convertibles and Scott Taub said he was revising the convertible instrument in this [...] Read more > >

Some Views from CFOs on Financial Reporting Issues

Grant Thornton recently issued a white paper that reports results of a survey (318 respondents) they conducted with some CFOs from both private and public companies (authors of the paper are John Hepp and Meredith Vogel). Notwithstanding the usual caveats that come with survey data, there are some interesting (and sometimes surprising) results reported in [...] Read more > >

FASB Webcast on XBRL

In addition to their upcoming webcast on nonpublic entities (see this post), the FASB is also hosting a webcast on how to use the XBRL 2011 US GAAP Financial Reporting Taxonomy. The webcast will take place on Wednesday, June 22, 2011 from 1:00–2:00 p.m. EDT. Details available here. Read more > >

Unit of account continued…

I’ll be regularly blogging on unit of account / disaggregation / net vs. gross etc. Recall a prior post where I mentioned how my head spins when I think of these concepts that are not clearly defined. Perhaps through this blog, we can make some headway on keeping these concepts distinct. Today’s blog will be [...] Read more > >

What does $180 buy you?

The answer is: A LOT! For $180, you can attend two half day sessions on Sunday at the AAA in Denver digesting all of the latest scoop on revenue recognition, leasing, pensions, and other big ticket items. Tom Linsmeier from the FASB and Pat McConnell of the IASB lead this session, giving you both US [...] Read more > >

New Goodwill Impairments Exposure Draft and 10b5 exposure

Is anyone aware of 10b5 shareholder litigation due to delayed recognition of goodwill impairment?  At least two working papers imply that firms expose themselves to such actions when they delay the recognition of goodwill impairment.  The first working paper, by Muller, Neamtiu and Riedl, suggests that insiders knowingly sell stock prior to the firm recording [...] Read more > >

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 > >