Simplifying Accounting Standards Still Complicated
Too bad accounting standard simplification doesn’t follow the same rules as Marie Kondo’s The Life-Changing Magic of Tidying Up. Eliminating the available for sale security classification doesn’t exactly spark the joy. Every time the FASB drops a new Accounting Standard Update (ASU), it leaves you feeling weary. Maybe all the U.S. GAAP decluttering and other […]
When It Come to Overcomplication, Accountants Take the Cake
According to Richard Thaler, “If you want to encourage someone to do something, make it easy.” Man, did accountants miss that memo. We really can’t deny it… it comes across in our nitpicky GAAP rules. More billable work for us, I guess, but, there has to be a better way. At least the FASB was […]
The Possibility Remains the FASB Could Turn Their Simplification Initiative Into a Giant Charlie Foxtrot
Accounting rules are complex. It is known. The Financial Accounting Standards Board, in an effort to serve its stakeholders, has made it a priority to make them a little less awful. This is no small feat and Russ Golden, FASB Chairman, is looking for tap-ins: “Complexity in accounting can be costly to both investors and […]