The FASB's February 2008 FASB Derivatives Codification-Fourth Edition, an "essential aid to implementation that presents FASB Statement 133 as amended and interpreted by other pronouncements issued through January 2008", is 1,060 pages. That should tell the FASB something. Like SFAS 133 is a pile of economic nonsense that is collapsing like the geocentric view of the solar system. The FASB is just "epicycling" away, happy in its apparent stupidity.
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1,060 pages yielding financial statements that are not comparable. However, it does result in lots of national office extra billing for the Big 4.
1,060 pages and the global financial system melts down... the fire feed by credit default swaps...
So I guess the simple view is that the 2008 FASB Derivatives Codification-Fourth Edition supported firms in obscuring the risks from each other, their boards, their auditors and their regulators...
It's pretty impressive that dense set of rules helped do that...
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