The Michael Moore documentary that has been so feverishly anticipated now has a title: Capitalism: A Love Story.
For those of you not so familiar with Moore’s work, you can basically expect convenient statistics for Moore’s position and not-so-flattering footage of rich guys who might had a hand in some of the collapse. Master de Ponz, Prince Ponz, Angelo Mozilo, Joe Cassano, anyone whoever worked at a hedge fund, etc.
Michael Moore names his new economy themed film [New York Daily News]
Michael Moore’s Next
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Why IFRS is Similar to an Obscure Reality TV Program
Late on Friday we told you about the rager that the IFAC was throwing over the weekend in London and today we get the less than surprising news that they want the governments of the world to push for global accounting standards.
“According to IFAC, participants at the conference agreed that the public interest would best be served by a single set of high-quality, principles-based financial reporting and auditing standards for listed and public interest entities.”
The problem with this whole push for IFRS is that getting anyone to care about accounting rules is like trying to get men interested in the whole Jon & Kate Plus 8 drama. They’re completely clueless at first mention and when you attempt to get into the details interest is immediately lost.
Leading accountants tell governments quicken pace of global standards adoption [Accountancy Age]
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]
We Picture the Trophies as Gold Plated 10-Key Calculators
You may have noticed that we reference a lot of stories from across the pond. Simply, it appears that the British seem to be a little more concerned with accounting world than us here in the States, where we’re virtually ignored at every turn (except when poop + fan).
The Brits are so enamored with accounting, in fact, that Accountancy Age, bless their hearts, has an awards ceremony.
The awards have their own website with a countdown clock, a gallery with last year’s winners, oh and you’re allowed to vote on Employer of the Year and Personality of the Year. Other awards include Audit Team of the Year, Tax Team of the Year, and Accountant of the Year.
The dream, continued, after the jump
There’s a lot of directions we could go with this but this has to be the most obvious case of accountant self-aggrandizement we’ve ever seen. We can’t even fathom the idea of hundreds of bean counters in tuxedos and cocktail dresses accepting hideous trophies under the pretense that the work done demands such recognition.
Perhaps since accountants are so used to an environment devoid of gratitude, Accountancy Age thought they would go out of their way to start showing some appreciation. WTFK really?
In any case, we would request Accountancy Age to assign us as a Joan Rivers role of sorts in order to liven up the bean counter Oscars. Since Accountancy Age’s list is a little ho-hum, come up with some of your own ideas for awards and their nominees in the comments.
Accountancy Age Awards 2009 shortlist announced [Accountancy Age]