The accounting standards setting group in the United States is known as the Financial Accounting Standards Board (FASB) and consists of seven board members who are appointed to five year terms. The most recent appointment was Thomas J. Linsmeier, and CFO.com has a pretty good interview with him on some of the issues currently facing […]

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The Financial Accounting Standards Board and the American Institute of CPAs have announced a joint project whose aim is to seek “constituent feedback on proposed enhance­ments to the FASB’s standard-setting proce­dures that would determine whether the Board should consider differ­ences in accounting standards for private companies.” This is the classic conundrum commonly known to those […]

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US public company Ferro Corp. said in a May 18 SEC filing that KPMG’s audit report on their 2004 and 2003 state­ments were not adverse or even qualified reports. One wonders why they would go out of their way to make the claim. Anyway, KPMG submitted a statement to the SEC yesterday that their audit report […]

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Dennis over at AccMan Pro has commented on the difference between rules-based US GAAP and inter­na­tional principles-based IFRS, and his thoughts echo mine: Recent commentary has suggested the idea of conver­gence between US GAAP and IFRS won’t happen until hell freezes over. I’ve long held the view that the rules based US GAAP system is […]

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Nortel released their 2005 finan­cials Friday and completed more restate­ments of prior years’ results. The restate­ments related to revenue recog­nition and decreased revenues and net income because the revenue should’ve been booked in different periods. Maybe this will mark a turning point for the Canadian commu­ni­ca­tions equipment company and they can retain (or regain) their […]

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