Please ensure Javascript is enabled for purposes of website accessibility

Let’s Join FAF in Celebrating 40 Years of FASB!

Posted on by Adrienne Gonzalez

So, who has the cake?

In honor of the 40th anniversary of FASB, FAF has rolled out a new section on its website featuring audio, transcripts and photos from the September’s FASB@40 Conference among other things, like video of all former, still living chairmen (I like how they qualified the "living" part in the email alert to media, as if we thought they'd invest in a Marshall Armstrong hologram) talking about their time at FASB.

And then there is the "Digital Timeline" which explains the history of FASB thusly: "The job of setting accounting standards in the world’s most powerful, dynamic economy falls on one organization: the Financial Accounting Standards Board (FASB). For the last 40 years, the FASB has been laser-focused on one core mission: to establish and improve financial accounting and reporting standards in the U.S. in order to provide decision-useful information to investors and other users of financial reports. The FASB is proud of its long history and work to date, and looks forward to an equally fruitful future."

DYNAMIC!

The cool part is current chairman Russ Golden recognizes that FASB isn't nearly as popular as, say, people who work for PwC think they are, but that doesn't stop the board from doing their important work. In his closing remarks at the FASB@40 he said:

As all of you know, our work has not always earned us the top award for popularity. In fact, some folks over the years have said some downright unkind things about us. But in standard setting, seeking to do the ―right thing is rarely the path to victory in the contest to be the most popular. That‘s as it should be.

*looks around sheepishly* He isn't talking about us, is he? I think we've been pretty nice to FASB for the most part, except that time I said Bob Herz totally looks like a stress doll. But I've read some of those comment letters, especially the FAS 157 (EXCUSE me, I mean ASC 820) ones that brought all kinds of weirdos out of the woodwork to comment, so I get what Russ is saying. It's a pretty thankless job.

If you're into this stuff — and who isn't amiright? — then poke around over there and check out it out.

Happy birthday, FASB, and just think, a few more years and you'll be old enough for me to want to date.

 

Related Posts

You Can Forget That Deal on the Estate Tax

Yes, the brain trust known as the U.S. Senate has managed to prolong the agony on the estate tax. There was a deal on the table as of yesterday but you can forget it! Hard to believe this could happen. Was it a fundamental disagreement on the proposal? Was it because everyone was broken up that Arlen Specter?


No, it’s mostly because some people (the R’s) don’t like that other people (the D’s) are being fraidy cats about not having enough votes:

Senate Minority Whip Jon Kyl (R-Ariz.) said the accord, which was all but forged a week ago, began to dissolve Monday night and broke down Tuesday after talks between leaders in both parties.

After talks with Senate Finance Chairman Max Baucus (D-Mont.) and Senate Minority Leader Mitch McConnell (R-Ky.), they scrapped a plan to move forward with the tax that expired at the end of 2009.

The reasoning, Kyl said, is that Senate Democrats aren’t allowing any legislation to reach the floor that doesn’t have support from the majority of its members.

“We no longer have an agreement because the Democratic side has decided that unless a matter has a guaranteed majority of Democratic votes going in, they’re not going to allow it on the floor, at least not voluntarily,” he said. “So we have to find a way to get a reasonable permanent estate tax reform to the floor where members can vote on it.”

For crissakes. This is this biggest case of “I’m taking my ball and GOING HOME” we’ve seen this week.

Joe Kristan does put the whole thing in perspective however, “Congress has been botching the estate tax for almost ten years now; why should they start getting anything right now?”

Kyl: Senate deal off on estate tax [On the Money/The Hill via TaxProf]
Estate Tax Deal? Not so Fast [Tax Update Blog]

Some Behind the Scenes Details on the Ernst & Young “We Are Las Vegas” Video

On Tuesday we briefly shared a video that was put together by the E&Y Las Vegas office that involved a large pair of headphones (Koss perhaps?) an Elvis impersonator, plenty of off-key singing and out-of-sync choreography.

Unfortunately, the video didn’t last and AG piped in only to replace the singalong with another video that had – ugh – subtitles but at least it was a little better rehearsed.

Anyway, we did some poking around and we found out a little back story on this whole “We are Las Vegas” production.


Apparently, the video had its non-GC debut at a townhall meeting in LV last night that was relatively uneventful, according to an accountant close to the sitch:

It was basically a loyalty pep rally. They told us that we would be getting raises, but of course said we would “follow the market.” That’s ironic from a firm that strives to be the “market leader.”

Sounds like the typical yarn but it sounds like it was followed by mucho boozing so that made up for it… Anyway, what about that video?!?

What’s with the ginormous headphones?

Headphones guy was just asked to wear them as a prop. Stevie Wonder did, why not somebody else???

Was the whole office in on this thing? Were accountants forced to participate against their will?

There were people from all service lines. I would say tax and audit were both represented equally. Amazingly, there WERE people who were excited about singing the song.

How was the video received?

I was amazed how the upper level management at the town hall (from various west coast cities) was impressed with the song. The overwhelming response at town hall was “that was a good video.” I think a training at our Times Square office might be in place.

Why on Earth did someone decide to put this on YouTube?

The world may never know.