Received word last night that a known executioner (and we’re assuming others) at the Dallas office has reserved several conference rooms from 7 am to 3 pm today and that some had already received emails setting up with their meetings last night. Let us know when the shooting starts in your office and drop us any details, including where you’re getting bombed tonight. Go with God (and for the atheists, just go).
Related Posts
Footnotes: Who Knew Madoff Was a Liar?; Shorting War; Happy Face! | 03.03.14
Bernie Madoff lies about Wall Street fraud in videos played at workers’ trial [NY Daily […]
Are You a Confident Person? Check This List and Find Out
There are two types of confident people: the unassuming, amazing individual who is quietly incredible […]
Accounting Rulemakers Already Talking Plan B on Fair Value
Sounds like Bob Herz and Sir David Tweedie are phoning it in with regards to fair value rules.
Herz and Tweedie and their respective accounting wonks met in Norwalk, CT on Monday and they’re all but admitting that there’s no chance that they’ll get on the same page:
At a joint meeting in Norwalk, Connecticut on Monday, members of the London-based International Accounting Standards Board (IASB) and U.S. Financial Accounting Standards Board (FASB) sparred over whether fair value, or “mark-to-market,” accounting rules should be expanded to a broader array of financial assets, such as loans and deposits.
In a move opposed by the banking industry, the FASB has proposed that all financial instruments be valued at market levels, while the IASB has proposed to have those assets valued at “amortized cost,” which would mostly provide information about expected cash flows.
“If FASB and IASB can’t agree on mixed model or full fair value model … the next best thing is something to move between the two,” Sir David Tweedie, chairman of the IASB, said on Monday…”By the end of 2010… if we can’t get it together, we should be appreciably together,” Tweedie said.
Plan B is already in full effect! Instead of one fair value rule, the two standard setters will provide a “presentation for fair value for more financial assets on corporate balance sheets so that investors would be able to quickly reconcile numbers in U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS).”
Some board members are worried that this approach may be too confusing, however. Confusing financial statements? That’s only a problem for average investors. No biggie.
Oh, well. We know 2010 is coming up fast and those politicians get impatient when the bank lobbyists are threatening to cut off the money. Thanks for trying guys. You did your best.
Accounting boards try to reconcile fair value views [Reuters/Emily Chasan]