Can a Good Audit Be a Systemic Threat?

Isn’t disclosure always a good thing?  Isn’t it always better to have audited financial statements than not (ignoring the cost of the audit itself)? Wouldn’t it be particularly important to audit a large bank?  How about one that holds our entire financial system in its hands…such as the Federal Reserve Bank? I was very surprised [...] Read more > >

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 > >

Next Roundtable: Leasing

Our next FASRI roundtable is with Danielle Zeyher, manager of the FASB-IASB leases project.  Please mark your calendars for 4pm Eastern time on Wednesday October 6th.  More information will follow as we approach the time of the session. 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 ntcappiello@fasb.org in case anyone has questions about the slides, the topic, or the presentation and discussion. Thank [...] Read more > >

Roundtable today! 4pm ET at VenueGen.com/?q=inv/sreginvitations

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 > >

What a Week!

I have been in residence at the FASB for one week and I must admit that my head is spinning with all the opportunities to get involved. I want to do them all! It’s been quite a first week. The day after I arrived Bob Herz announced his retirement effective September 30th — I hope [...] 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 > >

How many IFRIC interpretations are there? (Warning: This is a trick question.)

If someone had asked me this question, my quick response would have been 19. (Well, it might have been something more nuanced like, “I think around 18 or so.”)  But a recent post by Tom Selling on the Accounting Onion points out how in many of the IFRIC’s decisions not to provide an interpretation (i.e., [...] 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 > >

The New ASU on Disclosure of Certain Loss Contingencies

On July 20, the FASB issued a new exposure draft of their proposed ASU concerning disclosures of litigation-related loss contingencies.  For anyone who may not have been following this issue over the past 2 years or so, the FASB first issued an exposure draft on June 5, 2008 which proposed enhanced disclosure regarding contingent losses stemming [...] Read more > >