When accounting goes unaccounted for
No doubt Benny Bankes will continue his endeavor to convince everyone in America to start saving money rather than blowing it on Naughtibods. In the meantime, vote on your favorite caption after the jump. The poll closes at 11:59 EST tomorrow night.
It’s rather mysterious that the New York office of Grant Thornton is located at 666 Third Ave. As I’m sure our more pious readers know, the significance of the 666 is commonly known as “The Number of the Beast“. We won’t get into any more specifics than that other than to mention that it is a pretty creepy-ass looking number.
Is G to the T run by a secret group of Al Pacino-esque figures that are working against the forces of good?
Maybe not but the otherwise boring-assness of that particular lobby is def working too hard to not be noticed…
The Financial Accounting Foundation (“FAF”) trustees are going on a tour that will certainly rival the amount of groupie tail that Motley Crue was getting circa late 80s.
“The Financial Accounting Foundation trustees, who oversee the U.S. Financial Accounting Standards Board (FASB), will meet with small closed discussion groups of investors, auditors, academics and regulators in New York, Dallas, San Francisco, Chicago and Washington, D.C., as well as with the FASB’s standing advisory groups.”
It’s pretty clear that the FAF has the intention of spreading their seed knowledge around the country in order to win back some cred for the FASB.
FASB overseers to seek input on new strategic plan [Reuters via Accountancy Age]
Academics in the U.S. aren’t too psyched about the benefits of IFRS, according to Compliance Week:
The United States already meets a high level of reporting quality relative to other countries as a result of various “institutional features,” said [Peter] Wysocki [Professor at MIT]. Those include things like an active investor and analyst community, a rigorous audit process, and oversight by the Securities and Exchange Commission, among others, he said.
“It’s a little difficult to argue a move to IFRS will result in significant improvement in reporting quality,” Wysocki said. “We’re already at a high level because we already have those institutional features in place.
The debate over convergence has reached Biggie/Tupac fever and now that U.S. GAAP has got American bookworms shouting about how IFRS isn’t all that, we expect that academics on the other side of the pond will get involved and the debate will get fiercely geekier.
Academics: Move to IFRS Won’t Boost Reporting Quality [Compliance Week]