It's not just Ohio CPAs, mind you. NosireeBOB. It's primarily Chambers of Commerce from around the country but also the Asian American Hotel Owners Association, the National Beer Wholesalers Association, the Snack Food Association, Turfgrass Producers International, and a host of others asking "Congress and the president to immediately enact legislation that averts America’s impending fiscal cliff." Christ guys, if it wasn't an election year with the worst Congress ever, it might be worth the effort. Congress is awful. Your letter is hollow. Let's just ride off this thing like Thelma and Louise.
Related Posts
This EU Guy Really Doesn’t Like the IASB’s New Magical Fair Value Plan
In case you thought the fair value debate was limited to the U.S. circa 2008, think again. A rule you probably haven’t heard of (but will likely see a version of once government debt becomes as much of a pain in the ass here as it has been in Europe) called IFRS 9 (which replaces IAS 39) would allow banks to price some government debt on their books at cost, instead of current awful prices.
Apparently the European Union doesn’t like this idea. EU Internal Market Commissioner Michel Barnier told a webcast meeting in New York this week “I do not believe this will be the first solution to the problems we face in Europe at the moment,” referring to IFRS 9‘s creative interpretation of “fair value.” Ironically, IFRS 9 accomplishes this feat by eliminating available for sale and held-to-maturity classifications for bonds, leaving only amortized cost and fair value.
IASB Chairman Hans Hoogervorst insists this plan is really only the suck less option, not some sort of magical accounting trick that will suddenly make Greece solvent and Irish banks healthy. “Under IFRS 9 impairments will still be painful but I am convinced it would be more timely done because the cliff effect is much less severe,” he said at a recent joint meeting of the IASB’s trustees and monitoring board of public officials, including Michel Barnier.
Partners Stand to Make Millions (Maybe) If EY Breaks Up
The big hurdle in EY’s plan to split audit and consulting lies in whether or […]
Local Pastor Ignores Accountant’s Advice on Document Destruction Project
A US pastor says he is not “backing down” from plans to burn copies of the Koran on the anniversary of 9/11, despite international outrage.
“We are not convinced that backing down is the right thing,” said Terry Jones of 50-member Florida church, the Dove World Outreach Center.
Actually, we have no idea if Terry Jones has an accountant in his congregation but IF HE DID you would hope he would consult an expert on these matters. May we recommend this:
US pastor has ‘no intention’ of stopping Koran bonfire [BBC]