Comments on: Is FASB brain dead? http://www.accmanpro.com/2008/11/06/is-fasb-brain-dead/ Thu, 09 Feb 2012 10:01:51 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Ed Kless http://www.accmanpro.com/2008/11/06/is-fasb-brain-dead/comment-page-1/#comment-5248 Ed Kless Fri, 07 Nov 2008 20:18:53 +0000 http://www.accmanpro.com/?p=3542#comment-5248 Emily, Let me give you a few: * Prior history of ability to innovate * Ability to leverage knowledge throughout the organization * Pricing policies * Gut feel No very scientific, but business is art not science. Emily,

Let me give you a few:
* Prior history of ability to innovate
* Ability to leverage knowledge throughout the organization
* Pricing policies
* Gut feel

No very scientific, but business is art not science.

]]> By: Emily Coltman http://www.accmanpro.com/2008/11/06/is-fasb-brain-dead/comment-page-1/#comment-5247 Emily Coltman Fri, 07 Nov 2008 08:06:07 +0000 http://www.accmanpro.com/?p=3542#comment-5247 Balance sheet / income statement / cash flow statement = three blind mice? That's good that. Ed, may I bat this one back at you and ask, what would you recommend we should be making financial / investment decisions based on? M Balance sheet / income statement / cash flow statement = three blind mice?

That’s good that.

Ed, may I bat this one back at you and ask, what would you recommend we should be making financial / investment decisions based on?

M

]]> By: Ed Kless http://www.accmanpro.com/2008/11/06/is-fasb-brain-dead/comment-page-1/#comment-5246 Ed Kless Thu, 06 Nov 2008 21:35:40 +0000 http://www.accmanpro.com/?p=3542#comment-5246 FASB is dead already as is GAAP! If anyone is making financial/investment decisions based on the three blind mice (balance sheet, income statement, cash flow statement) they are idiots anyway. I once had a customer who owner hundreds of acres in Queens County (NYC), New York. Their land was on the books at the 1850's price of $1,500. What a joke! IMHO, the mark-to-market valuation caused some of the "problem" recently. Some MBS (mortgage backed securities) were being "valued" at .20 on the dollar. This would mean that four of five mortgages would have to a) default and b) have zero recovery value. Please! I would pay .50 on the dollar for as many as I could get. FASB is dead already as is GAAP! If anyone is making financial/investment decisions based on the three blind mice (balance sheet, income statement, cash flow statement) they are idiots anyway.

I once had a customer who owner hundreds of acres in Queens County (NYC), New York. Their land was on the books at the 1850's price of $1,500. What a joke!

IMHO, the mark-to-market valuation caused some of the "problem" recently. Some MBS (mortgage backed securities) were being "valued" at .20 on the dollar. This would mean that four of five mortgages would have to a) default and b) have zero recovery value. Please! I would pay .50 on the dollar for as many as I could get.

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