“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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The IRS Outreach to Nonprofits Didn’t Go So Hot
- Caleb Newquist
- May 19, 2010
“The IRS has conducted an unprecedented outreach effort in the tax-exempt sector on the 2006 law’s new filing requirements, but many of these smaller organizations are just now learning of the May 17 deadline.”
~ Doug Shulman, IRS Commissioner
Good Thing They Had Auditors
- Caleb Newquist
- August 31, 2010
“Lehman’s books were in such a mess that I don’t think they knew where they were.”
~ Elizabeth James, a director of Barclays’s futures business, testifying in bankruptcy court.
Write It Down: No More Financial Crises Ever
- Caleb Newquist
- June 26, 2010
“[It will] help prevent another financial crisis like the one that we’re still recovering from.”
~ President Barack Obama on the financial reform bill.