Wednesday, August 12, 2009

Junior on Accounting Rulemakers

Junior at Junior Deputy Accountant has a 28 July 2009 post referring to a NYT piece by Floyd Norris about accounting rulemakers, link: Junior blasts the FASB and IASB, which "have a valid argument in insisting their decisions be firmly grounded in political independence (bah, just as with the Fed, the entire concept if this is a joke at best)". Amen. Junior quotes Edward Trott, "'In my experience, banks want current fair value information about assets that serve as collateral for loans. They do not want information about what assets cost two or three years ago'." Indeed. I've been saying things like this for years.


Clint Athey said...

Good post--here's my 2 cents:

Independent Accountant said...

Thanks, but Junior should get most of the credit.


Anonymous said...

Level 3 ...

The accounting graveyard.

Get some light on that mess.

Jr Deputy Accountant said...

Thanks for the props, Pop, and glad you approve!

So what are we going to do when these FASB morons let the IASB dictate how they operate? I'm not sure what's worse... Congress and the banksters dictating FASB's moves or the IASB.

I'll be living on the beach in Nicaragua by then with my stockpile of gold, of course ;)