“U.S. GAAP is founded upon principles, that’s what the P is supposed to stand for.” – SEC Chief Accountant James Kroeker arguing at a Pace University IFRS discussion that GAAP is just as principles-based as IFRS.
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No, You Can’t Deduct a Harley as a Medical Expense
“A client injured his wrists, so the doctor told him to keep his wrists elevated. […]
Paging Tea Party Members…
“If you wanted to irritate the raise-taxes folks with tax-hiking proposals designed to nettle and sting their tender flanks, what would you do?”
~ James Lileks puts it out there. His example was taxing professors on their tenure. Ironically, this comes via TaxProf Paul Caron. If you’ve got ideas, leave them below.
We’re Talking About Congress, Right?
“I continue to count on good sense and wisdom to trump short-term political advantage.”
~ Ben Bernanke, who may be right out of his mind.