Friday, July 10, 2009
Epicycles and the FASB
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.