The PCAOB would like all of you auditors to know that you better learn how to use this Codification thing and quit your bitching about how you don’t like it because they can hear you screeching about how much it sucks.
Nevermind that the P is already making your lives difficult with new rules and leaving lame ducks on their board.
Seriously. Get with the program.
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Crony Links: Excel on Your iPad; The Cost of Procrastination; Offensive Brand Tweets
- Caleb Newquist
- April 18, 2014
If you've had enough of guys saying stupid things on Twitter, then take a spin […]
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Can We Stop Pretending That Fair Value Convergence Is Possible?
- Caleb Newquist
- September 15, 2009
Anyone okay if we just called this whole convergence thing off? Seriously. We understand that many accountants are perfectionists but healthcare reform seems to have a better chance than this whole shitshow.
Yesterday’s Wall St. Journal claims that the FASB’s biggest wig, Bob Herz is stating, albeit implicitly, that the FASB’s fair value rule will be more strict than the IASB’s. Herz-dog, being a little more political put it this way:
Pleasant disagreement, after the jump
“I hope we can come up with something that both achieves convergence and improves the current state” of accounting rules, Herz said at a roundtable discussion on the fair-value issue at FASB headquarters. “We’re obviously keenly aware of the difficulties of achieving both goals together.”
Herz later said in an interview that while FASB would do its best to harmonize its approach and the IASB’s, “we also want to make sure we come up with a good answer” to improve financial statements that U.S. investors look to.
That’s about as combative as The Herz gets, although, we, like the Journal, will take any chance we can get to embellish otherwise, yawn-worthy comments made by wonky accounting bureaucrats.
More:
John Smith, an IASB member who also participated in the roundtable, said both boards will try to agree on a fair-value rule, but each has its own process to follow, and “at the end of the day, we won’t know until we finish the process.”
The difficulty in harmonizing the two approaches stems from the sharp disagreements over expanding the use of fair-value accounting. Smith called it “a religious war.”
Okay, so we’re not really convinced these guys give a damn either way if accounting rule convergence occurs, especially fair value. So would everyone just knock it off and quit pretending like it’s so bloody important?
Besides, this is a “religious war”. And everyone knows that wars in the name of the Almighty (in this case, GAAP) NEVER end, so let’s just count on this being unresolved through the next millennia.
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Sometimes You Need Help Getting Your Game On Track
- Caleb Newquist
- September 9, 2009
We’re going to talk about a serious topic people. Many of you have discovered tricks of the trade to hep you focus on work that functions better than any sleeping aid out there.
What it basically amounts to is your focus. Sometimes, just sometimes, you require a little help getting your concentration back on track. It can be anything really. For example, if your plans for meeting your less-overworked friends out for a cocktail are totally blown, you might eat five frozen entreés out of the fridge that aren’t yours to feel better and just get your ass in gear to make last call.
Some of you probably rely on less-proven methods but sometimes this is a mental challenge and you have to take the necessary steps to up your game.
Others of you may take advantage of the discounted, yet ever inflating soda prices in your office or at a client location combined with the Adderall that you swiped from your spastic roommate.
We’re pretty sure some of you have come up with your cocktail of methods that, somehow, allow you to do an insurmountable amount of work in a a freakishly short amount of time. Since time is money, your superiors probably have no problem with whatever approach you’ve discovered so share your favorite method of reigning in the focus in the comments. We’re not encouraging illegal behavior here, so keep it below the felony level.
UPDATE: On the advice of counsel and because we care about all of you (yes, all). If you or someone you know needs help, call 1-877-RxAbuse (1-877-792-2873).