No.
Some impairments are more severe than others. At least, that is the point of view I’m coming around to embrace.
I had a great conversation with Chuck Landes earlier this week about this topic. I found Chuck’s argument compelling, and it goes something like this.
We all agree that what financial statement users want is reliable, relevant [...]
My latest article is out in the Journal of Accountancy. I talk about what we’ve learned after two years of implementing the risk assessment standards. The article turned out pretty good, and it seems to have really struck a chord with people. I’ve gotten more comments on this article than I have on all the [...]
Don’t know if you’ve been following this story, but for the last few months, the AICPA has been working on a major revision to the standards for comp and review engagements. This is the biggest change to the standards since they were first written thirty years ago.
I’ve been reading the new standards over the last [...]
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 [...]
I’ve spent the last day or so mired in the depths of SAS 115, which is about assessing and communicating internal control deficiencies.
I hadn’t really gotten into it that much before, but as I started to get my hands dirty it began to seem terribly anachronistic to me, though I couldn’t quite put my [...]
Yes. They’re synonymous.
Here’s the context. SAS 115 is effective for calendar year-end 2009 audits. The SAS supersedes No. 112, and one of the changes the new SAS made was changing the definition of material weakness.
Previously:
A significant deficiency or a combination of significant deficiencies that results in more than a remote likelihood that a material misstatement [...]