At least that’s what we’re guessing.
Bloomberg:
“EBay Inc., owner of the most visited U.S. e-commerce Web site, reported second-quarter profit that beat analysts’ estimates, a sign that Chief Executive Officer John Donahoe’s turnaround efforts are working.”
Whatevs. We’d argue beauties like this are the reason for the good Q.
EBay Profit Beats Estimates in Sign That Turnaround Is Working [Bloomberg]
Related Posts
Grant Thornton Survey: 40% of CFOs Never Ever Ever Want IFRS to Replace GAAP
All this IFRS hubbub is going to be expensive and time consuming anyway so let’s just forget it, shall we?
Eh, not so fast, IFRS haters. The remaining 60% of the respondents did state that they thought that IFRS should be required at some point in time, including 7% that want it ASAP, thanks.
Part of the resistance may be that lots of CFO/controller types have got no idea how IFRS is going to affect their company’s reporting. GT’s survey shows that 90% of the respondents don’t use IFRS currently and earlier this summer another survey cited that many CFOs weren’t even sure how IFRS would affect their reporting.
The IASB is clearly serious about the whole thing, and the FASB, while less excited, seems to be on board, along with big shots like Jim Turley. Finance execs can stall all they want but eventually IFRS will be all up in their business. Probably should get crackin’.
40% of U.S. senior financial executives don’t want IFRS to replace GAAP [GT Press Release]
Bob Herz and Jim Kroeker Are Avoiding the Convergence Dance
For the love of everything that is good and holy, would someone like to be the FASB Chairman? Or the Chief Accountant of the SEC?
We realize that they’re both thankless jobs but we need people in there that are going to make some things happen.
After Jim Kroeker said this:
“[T]he boards have agreed that the projects that they’re working on are areas that need improvement, not just under U.S. GAAP but under IFRS, then I think convergence efforts should continue or would continue without an SEC finalization of the roadmap,”
Bob Herz is now saying this:
“[T]he ball is mostly with the [SEC] at this point” … Herz noted the SEC has yet to rule on the “roadmap” for U.S. compliance with IFRS it proposed a year ago.
So, let’s get this straight: JK is said, “You go first.” Now Bob Herz is saying, “No, you go first.” Does anyone want to introduce these two clowns? Are they waiting for knighthood before they move on this?
We suggest that somebody toss Mary Schapiro in there to A) complete the trilogy of stooges and B) so she can bonk their heads together. That might get them motivated.
Herz: U.S. Convergence Ball Is in SEC’s Court [CFO]
Dear FASB, I’m Breaking Up With You
Editor’s note: Adrienne Gonzalez is founder and managing editor of Jr Deputy Accountant as well as regular contributor to leading financial/investment sites like Seeking Alpha and GoldmanSachs666. By day, she teaches unlicensed accountants to pass the CPA exam, though what she does in her copious amounts of freetime in the evening is really none of your business. Follow her adventures in Fedbashing and CPA-wrangling on Twitter @adrigonzo but please don’t show up unannounced at her San Francisco office as she’s got a mean streak. Her favorite FASB is 166.
I can’t take it anymore. I’m serious, this is BS. It has been nothing but up and down, agony and ecstasy for as far back as I can remember on fair value and I want off this ride.
More agony, after the jump
The Financial Accounting Standards Board’s updated fair-value rules will require companies to fully understand fair-value and mark-to-market concepts and extensively document their analysis of illiquid assets, as this article notes. The FASB gave companies some new latitude in applying fair-value principles but stood firmly behind the importance of fair value in preparing meaningful financial statements.
Stop, please. This is getting to be abusive.
Remember when you whispered in our ear, “Certainly, to those who say that accounting should better reflect true economic substance, fair value, rather than historical cost, would generally seem to be the better measure” in 2003, Bob Herz? We totally fell for it. Who wouldn’t? Swept off of our feet and still hurting from Enron, we needed a rebound and fair value totally worked.
Now what?
I truly wish you and IASB the best of luck in whatever you two decide to do with your miserable little lives.
WebCPA:
While FASB may be pushing back in the other direction and mulling the use of fair value and mark-to-mark with bank loans in addition to assets like mortgage-backed securities, the IASB seems to be tacking in an alternative direction. That could be leading them on the road to divergence, not convergence.
And I’m defriending you on Facebook, Bob. At least you know your new girlfriend does fair value.
Love,
AG