Tom Selling on FAS 140

Tom Selling has a good 11 August 2008 post at his Accounting Onion, about the FASB's machinations in the current SFAS 140 flap. http://www.accountingonion.typepad.com/theaccountingonion/2008/08/fas-140-lets-ca.html is the link. In my experience the longer a SFAS is, the less economic sense it makes. Any SFAS over 10 pages long is suspect. SFAS 133 is especially notable, including interpretations, it's 809 pages long! What a joke. SFASs like 133 and 140 illustrate how politicized the world of accounting is.