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Truth or consequences

October 31, 2009

Analysis of:Obama Taking Hands-Off Stance on Citi, AIG Pay | www.bloomberg.com

By setting up Kenneth Feinberg as the bad guy, the Obama administration can claim that it is taking a hands-off stance with respect to executive pay. Nothing can be further from the truth. Mr Feinberg derives his authority from the same government that claims to be taking a hand-off approach. This is not to say that the federal government should not have a "say on pay" for banks and automakers that have been bailed out with taxpayer funds, many of whom would not be in business otherwise.

The Beginning of the End of the FASB

May 13, 2008

Analysis of:The Beginning of the End of GAAP | www.cfo.com

The title of the article is a misnomer - it is the FASB not GAAP that is being replaced. With little debate or scrutiny, and no cost/benefit analysis of which I'm aware, the SEC has decided to replace United States GAAP with that of an international body over which it has no control. Accounting is the basis of business decisions and to outsource that authority is frightening to say the least.

IFRS versus GAAP

August 20, 2007

Analysis of:What if IFRS replaced GAAP | www.cfo.com

The cost to US companies, their auditors, and users of financial statements, of switching from GAAP to IFRS would be high, while the benefits are unclear. Arguments in favor of convergence have to do with comparability, not with improving financial reporting. While not perfect, GAAP provides the highest level of assurance, so not only would there be transaction costs as companies, auditors, and users shifted to IFRS, there could also be a decline in the reliability of those financial statements.

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