“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.
Related Posts
Quote of the Day: Big 4 Lowball | 03.02.10
- Caleb Newquist
- March 3, 2010
“What they’re doing is buying some work to keep the staff busy.”
~ Gary Boomer, on the Big 4 low bidding smaller clients.
FASB Fair Value Proposal Brings the Hate
- Caleb Newquist
- June 17, 2010
“In my mind you are largely responsible for the market collapse in 2007, 2008, 2009.”
~ John Sherman, in a public comment on the FASB’s proposed fair value rule, most of which are really, really, really not nice.
HR 4213: Soon-to-be the Worst Tax Enactment of the New Decade?
- Caleb Newquist
- June 2, 2010
“The S corporation tax increase in HR 4213 is a mess and should not be enacted.”
~ Joe Kristan, on the legislation that will hit small business with a 2.9% medicare tax increase.