“When the going gets tough, the tough take accounting.”
~ New York Times columnist David Brooks, who says that the weak economy leads many wannabe humanity majors into the arms of the double-entry system.
Category: Quote of the Day
Does Anyone Have a Crayon for Mary Schapiro?
“The SEC’s efforts are, and will always be, a work in progress. We will continually refocus our energies as circumstances warrant, as new ideas are offered and considered, as we consider your opinions and suggestions. But the outlines are emerging, the colors are being filled in, and I am hopeful that a portrait of a financial marketplace more stable and efficient than the one we saw in 2008 is beginning to emerge.”
SEC Chair Mary Schapiro at CEO Quarterly Meeting of the Business Roundtable on the SEC’s ongoing efforts to color inside the lines. Apparently the Commission was free-handing all this time.
Ben Bernanke’s Idea of “Recovery” Might Not Correlate with Yours
“My best guess is we’ll have continued recovery, but it won’t feel terrific.”
~ Ben Bernanke takes a stab at the economy.
Bernie Madoff Doesn’t Sound Particularly Remorseful
“Well, that’s what I did.”
~ Bernie Madoff’s to a fellow prisoner telling him that taking advantage of old ladies was “kind of fucked up.”
Who Says Accountants Just Talk About Money?
“People think that accountants are all white shirts and blue suits and that we just talk about money all the time but we’re not! We’ve got personalities too and I’m hoping my appearance on the show will improve our image.”
~ Christopher Stone (aka the Singing Accountant) is thinking about all of you white shirted, blue suited types out there.
Memo to the World: You’ll Just Have to Live with the Big 4 Whether You Like It or Not
“[T]here are plenty of industries where there are four big players. The world just has to get on with it.”
~ John Griffith-Jones, chairman of KPMG in the UK and co-chairman in Europe on the concern that four accounting major accounting firms are not enough.
Accounting Rules Were Just Fine Until You Came Along
“The primary result of the convergence project has been to take a set of perfectly mediocre accounting standards (U.S. GAAP) and messed them all up.”
~ Professor David Albrecht, who isn’t quite ready to dance on the grave of accounting convergence.
HR 4213: Soon-to-be the Worst Tax Enactment of the New Decade?
“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.
Hillary Clinton Sounds Like She Would Be Supportive of the Wealth Squads
“The rich are not paying their fair share in any nation that is facing the kind of employment issues [that America is] – whether it’s individual, corporate or whatever taxation forms are.”
~ Secretary of State Hillary Clinton
In Other Words, The Estate Tax Debate Will Continue to Drag On
“The debate becomes what rate to apply, and there’s the Republican view and the Democratic view, and what level of transfer exemption should be there. There are two different camps on that. I think historically that would be ripe for sort of compromising down the middle, but unfortunately, that’s not the political environment that exists right now.”
~ AICPA President and CEO Barry Melancon remains optimistic that something will get done.
The FASB Is Prepared for the Wailing and Gnashing of Teeth
“[It] will not be very warm.”
~ FASB Chairman Bob Herz, on the financial services industry’s reaction to the Board’s new proposals for valuing loans and loan-like instruments at their market value.
Small Business Saying Buh-Bye to Sarbanes-Oxley
“I believe the votes are there whether I like it or not.”
~ Barney Frank, on the House provision that would exempt small and midsized businesses from complying with Section 404.