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This Fall, It’s Do or Die for Accounting Rule Convergence

Posted on July 7, 2010 by Caleb Newquist

“If we can’t get converged (on financial instruments), it would suggest the convergence effort is going to be challenged and questioned on a significant basis.”

~ FASB member Tom Linsmeier levels with everyone on the FASB’s big test in the convergence process this fall.

Posted in Quote of the DayTagged Accounting rule convergence, FASB

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The FASB Is Prepared for the Wailing and Gnashing of Teeth

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“[It] will not be very warm.”

~ FASB Chairman Bob Herz, on the financial services industry’s reaction to the Board’s new proposals for valuing loans and loan-like instruments at their market value.

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Harry Markopolos Knows What to Do About Off-Balance Sheet Accounting

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“[E]liminate all use of off-balance sheet accounting–for any use whatsoever. Everything must be on balance sheet.”

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“Citi still seems to have aggressiveness with financial targets (well above historical), accounting (tax credits) and corporate governance. Also, the strategy does not always seem in sync with execution and/or financial reporting.”

~ It isn’t known what the Credit Agricole Securities analyst thinks of the auditors.

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