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FASB to Make Heads or Tails of Repurchase Accounting Soon Enough
- Caleb Newquist
- August 3, 2010
Back in April when he was testifying before the House Financial Services Committee, FASB Chairman Bob Herz couldn’t really say one way or another what he thought about the repurchase accounting that Lehman Brothers was using.
At the time, Herz just said that FASB would work diligently with the SEC (no porn allowed), that Lehman skirted the disclosure rules and that they were going to get to the bottom of this, come hell or Barney Frank’s shrewd disposition.
In a recent meeting with his fellow double-entry wizards in Norwalk, Herz said that he was opening up ‘a very targeted scope project’ that will get to the bottom of this pile:
“Once we’re made aware that people are trying to structure around specific provisions in the accounting literature, it makes you think about whether those provisions need to be looked at,” he told the board. “We’ve asked the staff to take a look at that and come back with some recommendations in the pretty near term,” he said.
FASB Plans New Rules Around Repurchase Agreements [Compliance Week]
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Grant Thornton Offers Unnecessary Reminder
- Caleb Newquist
- November 8, 2016
#ElectionDay fact: Hillary Clinton and Donald Trump are two of the most unpopular candidates in […]
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Grant Thornton Apologizes to Ex-Audit Associate For Paying Him Less Than Minimum Wage
- Going Concern News Desk
- October 26, 2023
Funny story today from across the pond that eFinancialCareers spotted on LinkedIn. A gent who […]