Why Do the FASB and IASB Always Insist on Mission Impossible?

Can anyone explain why accounting regulators have the annoying tendency to see a HUGE problem and insist on fixing it when the logistics are seemingly impossible to overcome? It’s commendable to try and solve big problems but it seems that the geeky egos of accountants often get in the way of reality.
CFO.com has a story about the FASB and IASB’s “dream” to get accounting standards down to one model for revenue recognition. ONE!
According to the article, the FASB’s revenue recognition rules are currently spread among 100 standards, so obviously there’s room for improvement but shrinking all that down to one model? Talk about herding cats.
We’re not hating on the standard setters (well, let’s face it, maybe a little) for considering this task but these dweebs can’t even get on the same page re: convergence timing so we’ll be taking the overs on the number of years when this single model pipe dream actually gets off the ground.

Revenue Recognition: Will a Single Model Fly?
[CFO.com]

Can anyone explain why accounting regulators have the annoying tendency to see a HUGE problem and insist on fixing it when the logistics are seemingly impossible to overcome? It’s commendable to try and solve big problems but it seems that the geeky egos of accountants often get in the way of reality.
CFO.com has a story about the FASB and IASB’s “dream” to get accounting standards down to one model for revenue recognition. ONE!
According to the article, the FASB’s revenue recognition rules are currently spread among 100 standards, so obviously there’s room for improvement but shrinking all that down to one model? Talk about herding cats.
We’re not hating on the standard setters (well, let’s face it, maybe a little) for considering this task but these dweebs can’t even get on the same page re: convergence timing so we’ll be taking the overs on the number of years when this single model pipe dream actually gets off the ground.

Revenue Recognition: Will a Single Model Fly?
[CFO.com]

Have something to add to this story? Give us a shout by email, Twitter, or text/call the tipline at 202-505-8885. As always, all tips are anonymous.

Related articles

BKD Poaches Someone From FASB and Issues a Press Release

It’s fairly common for midtier accounting firms to raid the Big 4 to fill managing director, principal, and partner positions. We’ve seen it happen several times since May. Dixon Hughes Goodman did it, not once but twice. Blumshapiro did it. So too did Andersen and Mazars USA. Hell, even RSM and Grant Thornton have done […]

Sorry, Lease Accounting Rules Don’t Care That You’re Trying to Keep Patients Alive

The Wall Street Journal recently checked in with the CFO of Genesis Healthcare to see how the transition to the new lease accounting standard is going. Not good, apparently: Genesis Healthcare Inc., a Kennett Square, Pa.-based post-acute health-care provider, for instance, had to chase down hundreds of small equipment leases, finance chief Tom DiVittorio said. Mr. DiVittorio […]