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Is the US ready for IFRS?
in Sox First, on October 20, 2009
...uality global accounting standards and promotion of the ongoing convergence initiatives between the FASB (Financial Accounting Standards Board) and the International Accounting Standards Board". The...
Accounting change to boost Apple profits
in Sox First, on September 17, 2009
...y to come into the fore again if Apple hits on hard times. And when that happens, we can expect the FASB (or as I always call it, the Fake Accounting Standards Board), to be hauled over the coals agai...
Lease accounting trouble looms
in Sox First, on August 16, 2009
Of all the issues and scandals in the accounting world, none are likely to be as big as lease accounting. The fallout from lease accounting will make the issues over fair value look like a picnic. The International Accounting Standards Board and the Financial Accounting Standards Board now ...
Banks fight to keep accounting tricks
in Sox First, on June 6, 2009
US accounting standard setters might be tightening the rules for banks, forcing them to take off balance sheet toxic vehicles on to their books but don't expect the banks to take that lying down. Up until now, the banks had kept assets and liabilities including mortgages and credit-card re...
The next accounting battle
in Sox First, on May 3, 2009
If you thought fair value was an almighty bun fight, you ain't seen nothing yet. The International Accounting Standards Board is tackling off balance sheet vehicles that have destroyed so much wealth and the Financial Accounting Standards Board plans to put out new rules for the United S...
Fake Accounting Standards Board strikes again
in Sox First, on April 6, 2009
...
As if last week's ruling the Financial Accounting Standards Board (FASB), which I have renamed the Fake Accounting Standards Board, wasn't bad enough. The FASB has ruled that companies can...
Giving banks permission to lie
in Sox First, on April 5, 2009
...e Fake Accounting Standards Board. As Peter Schiff, the CEO of Euro Pacific Capital writes , the FASB's decision allowing companies to use their own judgment to a greater extent in determining ...
G20 and FASB: the banks win again
in Sox First, on April 4, 2009
British Prime Minister Gordon Brown might proclaim the G20 summit as the beginning of a "new world order" but the reality is the financial crisis will be around for some time yet. Don't get too worked up about markets' celebrating the trillion dollar G20 deal. It's a suck...
Revisiting FAS 157, Again
in Bizinformer, on April 2, 2009
...om lawmakers and some factions of the financial industry, the Financial Accounting Standards Board (FASB) voted on Apr. 2 to make it easier for corporate management to value assets on their balance sh...
Accounting reshuffle
in Sox First, on March 19, 2009
... according to this report , which would create a Federal Accounting Oversight Board to replace the FASB. Guess whose pocket board members would be in?
...
FAS 157: Is it Killing Investment?
in Bizinformer, on January 19, 2009
On November 15th a new accounting rule went into effect. It's called FAS 157. It regulates how investments are valued by mandating that they be valued "fairly." And the whining and complaints have begun...
"Fair" is such a nebulous concept. Fortunately (I suppose), the new r...
FASB-fair value fire storm
in Sox First, on October 15, 2008
...panies guidance on valuing assets in inactive markets, without changing the fair value rule. The FASB has sought to clarify the rule, and allow companies to use their managers' estimates of...
FASB has drug makers squealing
in Sox First, on August 15, 2008
...laiming there is no way they would know how much those law suits might cost. In their letter to the FASB, Pfizer Inc., Merck & Co., Eli Lilly & Co., Johnson & Johnson, Novartis AG, and W...
FASB delays the inevitable
in Sox First, on August 4, 2008
...he hundreds of billions that Citigroup has off its books. Think of Fannie Mae and Freddie Mac. The FASB has decided to delay it after pressure from US corporates and law makers but this is just delay...
Accounting supremo questions
in Sox First, on March 7, 2008
...And might they make things worse? As Reuters reports, the Financial Accounting Standards Board (FASB) will have two fewer members and the power of its chairman will be increased. The idea is to m...
Convergence confusion
in Sox First, on October 28, 2007
One world, one set of accounting standards? Think again, it's not going to happen that quickly. There's a fair bit of resistance out there not to mention some unresolved issues. According to a Grant Thornton survey , most US chief financial officers (56 per cent) don't agree with th...
Getting rid of GAAP?
in Sox First, on October 2, 2007
The prospect of US companies following a single global accounting standard seems to be moving closer with Financial Accounting Standards Board chairman Robert Herz he expects the time is coming when US companies will be made to follow one set of rules. It will definitely be more efficient as the ...
A greener SEC?
in Sox First, on September 25, 2007
... are some accounting and disclosure rules that would require companies to be more forthcoming, like FASB rule FIN 47 which requires companies to show future environmental liabilities to investors. &q...
SOX scam warning
in Sox First, on April 24, 2007
...cam-meisters are now resorting to Sarbanes-Oxley. The financial accounting Standards Board (FASB) has put up a warning about companies getting calls from bogus salesman claiming they work fo...
SEC-PCAOB arm wrestle on accounting rules
in Sox First, on April 4, 2007
...ccused of being heavy handed with the Financial Accounting Standards Board. It held up approval of FASB's budget for four-and-a-half months until the standard-setters agreed to give the regulator...
Interview with Jim Turley, Ernst & Young global chairman and CEO
in Sox First, on August 26, 2006
Just had a chance to catch up with Jim Turley, the global chief of accounting giant Ernst & young . Here's what he had to say about Sarbanes-Oxley, compliance, remuneration for beancounters, the accounting profession itself and international accounting standards.
Farewell Joe Lieberman, Enron Democrat
in Sox First, on August 11, 2006
...Lieberman Nobody Knows . Lieberman led the fight against the Financial Accounting Standards Board (FASB) proposal for companies to count stock options as an expense on their financial statements. Lie...
Calling all lease experts
in Sox First, on July 23, 2006
...they have until now kept off their balance sheets, the financial accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) are now seeking nominations of candid...
Lease for change
in Sox First, on July 20, 2006
...ties that they had kept off their books. The US-based Financial Accounting Standards Board (FASB)and the London-based International Accounting Standards Board (IASB) have agreed to revamp th...
Accounting at the cross-roads
in Sox First, on June 13, 2006
Last week, I interviewed Michael Crooch from the financial accounting Standards Board. During our conversation over coffee, he revealed how much Sarbanes-Oxley had transformed the accounting scene and conceded that it provided no rock-solid guarantees against another massive fraud. A fo...
Does complexity create scandals?
in Sox First, on December 7, 2005
US Securities and Exchange Commission chairman Christopher Cox has told the American Institute of CPAs conference that the complexity of the accounting system was partly to blame for corporate scandals of recent years. financial accounting Standards Board chairman Robert Herz blamed i...