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 > >

Citations

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 > >

Of general interest about accountants

See forthcoming Fortune, where accountants are in HUGE demand in this down economy. Great news for us! Go to this link to read more…. Read more > >

Reminder and slides: Disclosure Framework Round Table at 4pm Eastern on Wed. 2/23

Please click on “more” below and then click here for the slides that Akwasi Ampofo (project manager) will use to introduce us to the FASB’s Disclosure Framework project, the topic of this week’s Round Table discussion.  The Round Table will begin at 4pm Eastern on Wednesday, February 23rd.  Please click here for up-to-date information regarding Board and staff deliberations regarding this [...] Read more > >

Gross or Net?

A couple of days ago the FASB issued a proposal to limit netting/offsetting. The proposal is similar to the IASB’s current approach. Therefore, if it is finalized, companies in the United States would not be allowed to offset as many assets and liabilities (especially derivatives) as they do now, meaning larger balance sheets. David Zion [...] Read more > >

Reporting for Benefit Corporations

The State of Maryland has recently passed a law that allows the creation of for-profit “benefit” corporations that include in their charter a commitment to pursue goals other than profit maximization.  As the Washington Post reports: These hybrid entities pay taxes and can have shareholders, without the risk of being sued for not maximizing profits. [...] Read more > >

Neat Article on concept of comparability

Mark DeFond of the University of Southern California presented a paper here at UT-Austin last week. It is neat as it deals with a basic concept .. that is, comparability. HOW FUNDAMENTAL IS THAT? EXACTLY! VERY. Title of paper: The Impact of Mandatory IFRS Adoption on Foreign Mutual Fund Ownership: The Role of Comparability. He [...] Read more > >

IFRS Blamed for Inflated Bonuses

From the Telegraph, and quoted without comment: Iain Richards, of Aviva Investors, told the Lords that the IFRS system of auditing the banks had had “a material cost to the taxpayer and to shareholders” because “as a result dividend distributions have been made and bonuses have been paid that were imprudent”. Mr Richards said: “The [...] Read more > >