I have an opinion on "subsequent events" !!

Okay, this is supposed to be a blog. I have an opinion on SFAS 165 on subsequent events, transplanted from the auditing domain. But deep down in the opinion is a question… So the new standard (my read) indicates that if information comes to the plate regarding an “event” that existed at the balance sheet [...] Read more > >

I have an opinion on “subsequent events” !!

Okay, this is supposed to be a blog. I have an opinion on SFAS 165 on subsequent events, transplanted from the auditing domain. But deep down in the opinion is a question… So the new standard (my read) indicates that if information comes to the plate regarding an “event” that existed at the balance sheet [...] 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 > >

Antidote for first week blues

The first week of classes is often so hectic that harried faculty cannot see many positives from the experience.  I am teaching our introductory PhD seminar, and I find that my attitude is a bit more positive than usual after week one, mainly because of the papers we cover the first week.  This post offers [...] Read more > >

Bob Herz to Retire!

In an surprise announcement, the FAF announced today that FASB chairman, Robert Herz, will retire two years ahead of the end of his term.   FASB board member Leslie Seidman will serve as acting chairman from Oct. 1. A WSJ article reports that “[FAF President Jack] Brennan said in an interview that the decision to step [...] Read more > >

Factor me in!

okay so this is supposed to be a blog, not a Q&A, but i’m in a quandry. I have always thought, based on a former MBA student Danielle De-Martino, who worked for a company that did factoring .. that most of the time this was done merely to outsource the credit & collection function. However, [...] Read more > >

Scientific misconduct

A Harvard U evoluntary psychology recently was accused of fabricating data… bad situation of course. One of The University of Texas psychology faculty members wrote about this event; he’s quite smart. He and I overlapped at the University of Illinois in the 1980′s – he in psychology and me, down the street in “commerce.” We [...] Read more > >

Increasing Activity Around Sustainability Reporting?

In recent months, it seems I’m seeing an increasing frequency of references to “sustainability reporting,” “integrated reporting,” “triple bottom line,” and other monikers.  In Edith Orenstein’s FEI Financial Reporting Blog this morning, guest author Tom Hood from the Maryland Association of CPAs includes news of the creation of the International Integrated Reporting Committee.  They’ve got a [...] 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 > >

Banks push review of FV proposal

The new Frank-Dodd act on financial reform contains a section creating a Financial Stability Oversight Council, with one of its tasks being the review of (and commenting on) any proposed changes in accounting or auditing standards.  A letter to one of the Council’s member agencies begins as follows: “The American Bankers Association (ABA) respectfully requests [...] 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 > >

FV of own Debt Affected by a Change in Credit Risk

I was just perusing a Moody’s report here on standard adjustments that they make. I was somewhat surprised that they reverse the impact of the changes in a company’s (well in the case of the report i’m reading, a BANK’s) own credit risk on current period gains or losses related to the FV of their [...] Read more > >

Very good information for class – Dell's issues

Read through this, get exciting nuggets for your class! Read more > >

Very good information for class – Dell’s issues

Read through this, get exciting nuggets for your class! Read more > >

Here's another good one

Hi everyone, Just last week, I signed up for another CPE session at AAA (recall that I previously posted about FASB/IASB update on Sunday and how you need to be there!!). Anyway, I thought I was going to be goofing off on Saturday afternoon in San Francisco but then my goof-off plans fell through. So [...] Read more > >

Here’s another good one

Hi everyone, Just last week, I signed up for another CPE session at AAA (recall that I previously posted about FASB/IASB update on Sunday and how you need to be there!!). Anyway, I thought I was going to be goofing off on Saturday afternoon in San Francisco but then my goof-off plans fell through. So [...] 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 > >

Does revenue recognition require a customer?

I’ve just finished reading the IASB/FASB exposure draft on revenue recognition, and I have all kinds of questions running through my head. But before I get to those questions, let me first say that I am very impressed with this document. In fewer than 90 paragraphs of guidance (ignoring application guidance), the IASB/FASB have laid [...] Read more > >

Job Opportunity at the PCAOB

The Public Company Accounting Oversight Board (PCAOB) is looking for a PhD student who would like to intern with the Office of Research and Analysis (ORA) in the PCAOB’s Washington DC headquarters. This role will provide support to the quantitative economics group in ORA by assisting in studies and analyses conducted by the group.  This [...] Read more > >

PCAOB Rules Violated Constitution, but Impact Seems Minimal

You can look at the 113 page opinion (pdf), or just accept the New York Times’ summary: The court turned aside a broad challenge to one part of the law, which established the Public Company Accounting Oversight Board to regulate the accounting industry. Some commentators had forecast that the court might throw out the entire [...] Read more > >