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International Accounting Standards Board Prepares For `... - 10/4/2010 7:01:47 PM   
pahunkboy


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Status: offline 		International Accounting Standards Board Prepares For `Severe Hyperinflation'October 4, 2010 • 9:27AMThe International Accounting Standards Board (IASB), the agency which sets international accounting standards, has issued a proposed amendment to the International Financial Reporting Standards to deal with the effects of "severe hyperinflation." According to an "exposure draft" issued Sept. 30, the IASB wants "an exemption that would allow an entity to measure assets and liabilities at fair value and use that fair value as the deemed cost of those assets and liabilities" in their financial statements. The IASB is based in London, and is chaired by one of the British Crown's knights, Sir David Tweedie. A more apt name for this body would be the Imperial Accounting Standards Board, as its role is to impose rules which benefit the Brutish Empire's monetary system, at the expense of the nations and the peoples of the world. IASB standards, imposed by the empire, form the basis for the national accounting standards of many nations. The IASB has formally requested comments from accountants and other interested parties on this proposed amendment, with a deadline of Nov. 30. It seems they know something they do not want to admit to the public at large, namely that "severe hyperinflation" is a reality with which the accountants will have to deal. It is yet another de facto admission from the empire that Lyndon LaRouche is right about the hyperinflationary blowout, while at the same time pretending that it can be dealt with by accounting measures. Gee guys: One minute your system is there, the next minute it is gone. How are you gonna account for that?/snip
http://larouchepac.com/node/15988

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RE: International Accounting Standards Board Prepares F... - 10/4/2010 7:03:04 PM   
pahunkboy


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Status: offline 		IASB proposes Severe Hyperinflation amendment to IFRS 1 30 September 2010   The International Accounting Standards Board (IASB) today published for public comment an exposure draft Severe Hyperinflation, a proposed amendment to IFRS 1 First-time Adoption of International Financial Reporting Standards. The amendment proposes guidance on how an entity should resume presenting financial statements in accordance with International Financial Reporting Standards (IFRSs) after a period when the entity was unable to comply with IFRSs because its functional currency was subject to severe hyperinflation. The exposure draft, Severe Hyperinflation, is open for comment until 30 November 2010 and can be accessed via the ‘Comment on a Proposal’ section of www.ifrs.org. Press enquiries/\ http://www.ifrs.org/News/Press+Releases/Severe+Hyperinflation.htm

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RE: International Accounting Standards Board Prepares F... - 10/4/2010 7:37:40 PM   
thornhappy


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Status: offline 		Calling this the Imperial Accounting board is simply nuts.  Look at the board and see how many other countries are involved.  It ain't all British.

That doesn't mean that we're going to have severe hyperinflation. Alex and other gold bugs have been hyping that for at least a year, and we haven't had it yet.

The accounting standard for hyperinflation would be applicable for some countries in Africa, and would've been good for some of the South American countries in the 80's IIRC. 

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RE: International Accounting Standards Board Prepares F... - 10/4/2010 7:40:54 PM   
Owner59


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Hyperinflation again?!

Is this the 1st of a hundred posts from you about hyperinflation?

What happened to all that hyperinflation you were yelling about two years ago?

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RE: International Accounting Standards Board Prepares F... - 10/4/2010 8:11:19 PM   
pahunkboy


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Status: offline 		I am sure it will blow over.



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RE: International Accounting Standards Board Prepares F... - 10/4/2010 8:42:45 PM   
pahunkboy


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Status: offline 		Why do they need standards for something that does not exist?

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RE: International Accounting Standards Board Prepares F... - 10/4/2010 10:17:45 PM   
Fellow


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Status: offline 		General consensus seems to be we will have an economic stagnation with high unemployment and low (~1 to 2) inflation rate for coming few years. Hyperinflation can be triggered in the USA only by some unexpected outside moves. For example, if China starts massive selling of US Treasury bonds triggering  panic in the markets. The last is of course very unlikely.

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RE: International Accounting Standards Board Prepares F... - 10/4/2010 10:39:41 PM   
willbeurdaddy


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quote:

ORIGINAL: Fellow

General consensus seems to be we will have an economic stagnation with high unemployment and low (~1 to 2) inflation rate for coming few years. Hyperinflation can be triggered in the USA only by some unexpected outside moves. For example, if China starts massive selling of US Treasury bonds triggering  panic in the markets. The last is of course very unlikely.


If we keep printing money to meet Obamas deficits then high inflation is likely, and in the not very distant future. Whether or not that grows into hyperinflation depends on the response to high inflation. It can easily result from a feedback loop of responses to the initial inflation. Don't discount the possibility of a replay of the Carter hyperinflation.

US accounting standards are already mandatorily at fair value ("mark to market") under Financial Accounting Standard 115. It is one of the reasons for the downward spiral in assets at the onset of the financial crisis. In response, the rule was relaxed somewhat under FAS 157 for markets that are temporarily distressed or illiquid. Mark to market should have been handled as a footnote to the financial statements rather than immediate recognition on the balance sheet and P&L.

So the IASB is just catching up the FASB.

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 12:03:55 AM   
DCWoody


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Status: offline 		They need it because it does exist sometimes. IE Zimbabwe. No-one who knows what they're talking about is predicting it for the western world. 

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 12:06:22 AM   
DCWoody


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Status: offline 		"Obamas deficits"

Now that's some large scale rewriting of history right there.

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 8:08:53 AM   
willbeurdaddy


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quote:

ORIGINAL: DCWoody

"Obamas deficits"

Now that's some large scale rewriting of history right there.



ORLY? Why dont you take a peak at Obamas deficits after year and half vs Bush's deficits for 8 years.

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 10:56:45 AM   
pahunkboy


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Status: offline 		It floors me when people who ride the titanic argue about who gets what seat. 

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 11:43:09 AM   
DCWoody


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Status: offline 		@...both of you, your claims are so ridiculous as to not be worth lengthy reply. Neither of you are going to be taken seriously if ya can't be reasonable and accept that not everything is the oncoming catastrophe/your political opponents fault.

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 11:48:19 AM   
willbeurdaddy


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quote:

ORIGINAL: DCWoody

@...both of you, your claims are so ridiculous as to not be worth lengthy reply. Neither of you are going to be taken seriously if ya can't be reasonable and accept that not everything is the oncoming catastrophe/your political opponents fault.


IOW why bother looking at the numbers when you already know they dont support your position.

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 11:55:39 AM   
DCWoody


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Status: offline 		That right there is your problem. Your position vs my position, as in Republican propaganda vs Democrat propaganda. Newsflash......I'm not a democrat supporter, I'm not even American. Neither one party or the other is constantly doing everything wrong or right....do you expect people to pay heed when you have legitimate criticism if you do things such as blame Obama for the deficit?

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 12:07:46 PM   
willbeurdaddy


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quote:

ORIGINAL: DCWoody

one party or the other is constantly doing everything wrong or right....do you expect people to pay heed when you have legitimate criticism if you do things such as blame Obama for the deficit?



Ummmm, because the numbers support what I posted? Obama's stimulus package alone quadrupled the deficit. (Actually more than that after TARP is fully accounted for, since the cost was vastly overstated and the profits have not yet been added in). Add in the costs of O-care and this administration will incur more debt in 8 years than the total debt of all years before him.

sorry DC, maybe you dont get the real story on your side (geographical) side of the Atlantic, but youre not even close.

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 12:13:52 PM   
mnottertail


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Status: offline 		not to mention that we are not running the wars off book any longer.

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 12:37:08 PM   
pogo4pres


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Why the fuck is this thread even here, anyone with more than 1/2 a functioning brain saw this shit coming three years ago.  5 & 6 years respectively if your name is either Paul Krugman, or Noriel Roubini. 


Politically,
Some Knucklehead in NJ


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RE: International Accounting Standards Board Prepares F... - 10/5/2010 1:03:23 PM   
popeye1250


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Status: offline 		I don't see much inflation ahead, in the U.S. we'll still have falling housing prices for the next 3-5 years due to oversupply and people making much less money due to this "global economy."

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RE: International Accounting Standards Board Prepares F... - 10/5/2010 1:03:33 PM   
willbeurdaddy


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quote:

ORIGINAL: pogo4pres

FR


Why the fuck is this thread even here, anyone with more than 1/2 a functioning brain saw this shit coming three years ago.  5 & 6 years respectively if your name is either Paul Krugman, or Noriel Roubini. 


Politically,
Some Knucklehead in NJ



ROFL. Its precisely Paul Krugman's socialist policies like the "stimulus" he supported that risk hyperinflation. Its easy to predict something when youre trying your best to cause it.

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