May 21, 2009
Tax and Ethics
Richard Murphy uses a Daily Telegraph report as the basis for suggesting that IASB has effectively thrown the principle of prudence out the window. I was surprised when I read the DT piece which asserts: Some believe the IFRS regime was the crucial factor that allowed banks to get out of control, overstating their profits, [...]
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October 1, 2008
General
Courtesy of the Washington Post which amply demonstrates a solid lack of understanding about ‘value’ in accounting comes this pearl. The SEC and FASB are allegedly modifying the ‘mark to market‘ rules to allow distressed banks to take into account ‘other factors’ when reviewing their toxic assets. WashPo says this: An odd-sounding accounting phrase at [...]
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