If I was the managing partner of a CPA firm, I would aspire to be named by Fortune magazine as one of the 100 best companies to work for. This year, five firms made the list.
Ernst & Young (44)
Plante & Moran (66)
Deloitte (70)
PWC (71)
KPMG (88)
I have friends who work at each of these firms (alas, [...]
In its latest head scratching move, the FASB announced this week that it was encouraging regulators to “decouple” its regulations from GAAP.
By way of background, since the S&L crisis 20 years ago, banking regulators have based their capital rules on GAAP. Regulators have always had the ability to make adjustments to GAAP-based capital for the [...]
Am I the only one who’s noticed?
In April they did a piece slamming the Obama administration for an increase in the cigarette tax and claiming that the President violated a campaign pledge. The editors at AccountingWeb took their talking points from Americans for Tax Reform, the group founded by Grover Norquist. Mr. Norquist wants to [...]
I have a client how is creating an internal guide on fair value measures and disclosures. The authors of the guide note that the definition of fair value rely on the terms “orderly market” and “market participants,” both of which the FASB makes clear are hypothetical constructs.
So accounting has gone beyond recognizing that financial statements [...]
If you’ve been reading this blog, you know I’m no IFRS cheerleader. My friends know this. The other day it came up in conversation, and the comment was quickly made [insert ironic tone] “Mike’s favorite topic.”
My big complaints about IFRS are:
It represents a significant weakening of US GAAP, leaving the door wide open for increased [...]
Eli Mason passed away today.
I can’t say I always agreed with him–sometimes a bit too resistant to change for my tastes. But overall I see him as a kindred spirit. He’s always been referred to respectfully as the “conscience of the profession,” and that’s a title I wouldn’t mind having.
I love this profession. Thirty-one years [...]