“U.S. GAAP is founded upon principles, that’s what the P is supposed to stand for.” – SEC Chief Accountant James Kroeker arguing at a Pace University IFRS discussion that GAAP is just as principles-based as IFRS.
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What Happens When Congress Says, “We’ve Got Time. We’ll Get to It”
“Ever since the tax cuts were enacted in 2001 and 2003, policy makers have known the law would expire at the end of 2010. That ‘drop dead’ date offered an auspicious way to galvanize a systematic effort to reform a tax system that is badly in need of repair. Instead, policy makers pretty much ignored the issue until just before the 2010 Congressional recess, when politically tinged efforts to extend some or all of the tax cuts finally began — a ‘debate’ that was too little, too narrow, and too late.”
~ William G. Gale, Miller Chair at the Brookings Institution and co-director of the Urban-Brookings Tax Policy Center
Maybe Asking Tax Preparers to Post Grades in Their Windows Would Work?
“Taxpayers need to be able to distinguish between the professional capabilities and education of the different groups of tax preparers.”
~ Patricia Thompson, vice chair of the AICPA’s Tax Executive Committee
Quote of the Day: Never a Dull Moment in Accounting | 03.31.10
“Accounting can be exciting — exciting like finding out you are going broke, or exciting like driving a big profit.”
~ Jay Goltz, entrepreneur and contributor to You’re the Boss.