Continued discussion related to the Financial Statement Presentation Roundtable

One important topic of yesterday’s very interesting roundtable with Nick Cappiello is the staff draft proposal to include an “operating-finance” section in the balance sheet. The staff apparently views some transactions to have characteristics of both operations and financing of those operations. Ideally, I guess most users would like a clear distinction between operating items and items [...] Read more > >

Contact information for Roundtable on Financial Statement Presentation

In case you missed the first roundtable of the semester, we will have a recording available soon.  Meanwhile, you can access the slides for the session HERE.  And, Nick Cappiello, the presenter, has graciously provied his contact information at in case anyone has questions about the slides, the topic, or the presentation and discussion. Thank [...] Read more > >

Roundtable today! 4pm ET at

Slides for today’s session: Click HERE Go directly to the meeting HERE At 4pm Eastern time today, we will have our first roundtable for this academic year. Please join us! See the new FASRI Roundtables WebPage describing how to use VenueGen, our new platform from which you can join the Roundtable discussion. Nick Cappiello, an [...] Read more > >

Direct Method Cash Flow Statements and Symmetry

How do we measure the quality of a panel discussion? If we measure it by the subsequent discussion it generates, the AAA panel on Financial Statement Presentation was definitely a success. Bob Lipe and I had a chance to talk with a number of people afterward, and I thought I would put in my own [...] Read more > >

Did they mean to say that?

Just got back from AAA meeting in San Francisco.  Great meeting.  One session consisted of a panel of preparers and users debating the costs and benefits of the joint IASB/FASB project on financial statement presentation.  In general it was very good. Read more > >

SEC Chief Accountant Questions Convergence by June 2011

A recent Journal of Accountancy article states that the SEC Chief Accountant Jim Kroeker would support the FASB’s cutting the number of convergence projects due for completion in 2011. Here’s one excerpt from that article: “June 30, 2011, is an arbitrary deadline and it’s not one that’s been put in place by the SEC or [...] Read more > >

Feedback on Stephen Penman Roundtable

The roundtable discussion with Stephen Penman yesterday was quite good.  Lots of good discussion in both voice and typed chat.  One thing I learned is that Stephen stresses subjectivity as a reason behind his views. While I am convinced that Stephen dislikes some forms of subjectivity, I think his views are more subtle than this.  Read more > >

Penman on Financial Statement Presentation

In preparation for his FASRI Roundtable discussion, Stephen Penman has helpfully shared his CEASA White Paper on Financial Statement Presention, which you can download here. The paper discusses disaggregation in some depth, providing guidelines for how line items should be disaggregated on both the income statement and the balance sheet.  I need to read more [...] Read more > >

Stephen Penman Leads Roundtable Discussion

You may know Columbia Business School Professor Stephen Penman as the 14th-most downloaded author on SSRN.  Or you might know him as a Director of the Center for Excellence in Accounting and Security Analysis. Or perhaps as author of Financial Statement Analysis and Security Valuation. More recently, Stephen has been visible as a critic of [...] Read more > >

Tentative Decisions on Financial Statement Presentation

Jeff Wilks has already noted the FASB/IASB decisions regarding lease accounting.  Last week’s meetings also included a number of tentative decisions on financial statement presentation.  Several decisions pertained to cash flow reporting and supplementary reconciliation schedules.  The Boards tentatively decided that entities should be required to use the direct method of presenting cash flows.  In [...] Read more > >

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