FASB accounting changes...bad idea

Collarspace Discussion Forums

Home Login Search

FASB accounting changes...bad idea

View related threads: (in this forum | in all forums)

Logged in as: Guest

All Forums >> [Casual Banter] >> Off the Grid >> FASB accounting changes...bad idea

Page: [1]

Message

<< Older Topic Newer Topic >>

FASB accounting changes...bad idea - 3/26/2009 6:21:04 AM

MrRodgers

Posts: 10542
Joined: 7/30/2005
Status: offline

The former chairman Arthur Levitt (SEC) is quite correct. This is one of the worst moves FASB could do and yes, this is very bipartisan.

http://www.washingtonpost.com/wp-dyn/content/article/2009/03/25/AR2009032502805.html

Profile

Post #: 1

RE: FASB accounting changes...bad idea - 3/26/2009 9:50:49 AM

Termyn8or

Posts: 18681
Joined: 11/12/2005
Status: offline

Agreed but not a surprise. They always figure out new ways to make numbers lie. Unemployment figures exclude millions, as do many other economic indicators. Even the GDP itself, I believe that the part of the GDP that is supported by the government should be excluded,or at least seperately listed. And that's not even mentioning the budgetr. You won't get an idea of the true state of that without going through a CAFR.

After what I've seen so far, I think it'll probably pass, what say you ?

T

(in reply to MrRodgers)

Profile

Post #: 2

RE: FASB accounting changes...bad idea - 3/26/2009 3:32:49 PM

outlier

Posts: 1111
Joined: 10/22/2005
Status: offline

Thank you for posting this:

Quote From The Article:
"Yet those charged with building confidence and trust and presenting numbers that can be believed are under sustained attack -- and they are losing. Over the past few weeks, banks and their supporters in Congress have applied significant pressure on the Financial Accounting Standards Board (FASB) to rewrite standards for valuing distressed assets on bank balance sheets.

Earlier this month, Robert Herz, chairman of the FASB, was lectured by members of the House Financial Services Committee. "Don't make us tell you what to do," said Rep. Randy Neugebauer (R-Tex.). "Just do it. Just get it done." Said Rep. Gary L. Ackerman (D-N.Y.): "If you don't act, we will." "

Too much bad debt on the books! Quick, change the rules. That will make it go away.

When Wall Street invests in an election they make sure they get a return for their investment.

Outlier.

_____________________________

Avatar from xkcd.com

"A happy sex life may take years to achieve, but it’s worth it in the long run.
Worth the time, the thought - or rather, the thoughtfulness - and, often,
the waiting." Pete Seeger

(in reply to MrRodgers)

Profile

Post #: 3