In case some of you missed our request last week, or in the event that some of you chose to ignore the request, we are asking for your tchotchke submissions. So keep sending us your pics! You know you have pride in the frivolous junk with your firm’s name on it.
The gimmickyness of this exercise is obvious but if we are forced to discuss the trend of pessimism among CFO’s, a couple things may happen: A) Someone may fall asleep while reading and 2) the vitriol may reach critical mass. Either way, here’s a taste of the submissions we received so far:
That’s a KPMG magic 8 ball for those of you scoring at home.
Question: KPMG 8 ball, will Going Concern readers ridicule this post?
Answer: It is certain
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Dear FASB, I’m Breaking Up With You
Editor’s note: Adrienne Gonzalez is founder and managing editor of Jr Deputy Accountant as well as regular contributor to leading financial/investment sites like Seeking Alpha and GoldmanSachs666. By day, she teaches unlicensed accountants to pass the CPA exam, though what she does in her copious amounts of freetime in the evening is really none of your business. Follow her adventures in Fedbashing and CPA-wrangling on Twitter @adrigonzo but please don’t show up unannounced at her San Francisco office as she’s got a mean streak. Her favorite FASB is 166.
I can’t take it anymore. I’m serious, this is BS. It has been nothing but up and down, agony and ecstasy for as far back as I can remember on fair value and I want off this ride.
More agony, after the jump
The Financial Accounting Standards Board’s updated fair-value rules will require companies to fully understand fair-value and mark-to-market concepts and extensively document their analysis of illiquid assets, as this article notes. The FASB gave companies some new latitude in applying fair-value principles but stood firmly behind the importance of fair value in preparing meaningful financial statements.
Stop, please. This is getting to be abusive.
Remember when you whispered in our ear, “Certainly, to those who say that accounting should better reflect true economic substance, fair value, rather than historical cost, would generally seem to be the better measure” in 2003, Bob Herz? We totally fell for it. Who wouldn’t? Swept off of our feet and still hurting from Enron, we needed a rebound and fair value totally worked.
Now what?
I truly wish you and IASB the best of luck in whatever you two decide to do with your miserable little lives.
WebCPA:
While FASB may be pushing back in the other direction and mulling the use of fair value and mark-to-mark with bank loans in addition to assets like mortgage-backed securities, the IASB seems to be tacking in an alternative direction. That could be leading them on the road to divergence, not convergence.
And I’m defriending you on Facebook, Bob. At least you know your new girlfriend does fair value.
Love,
AG