Does the media understand public accounting?

The short answer is no. Here is a story from the Associated Press that claims the FASB is going to “tackle the thorny question of accounting for leased equipment and property.” Excuse me? Have we just been ignoring leases until this point? Does any journalist do research any more?

Lease accounting isn’t new, although it is constantly being revised due to the complicated financing arrangements implemented by business. There are very few differences between accounting for leases between the US and Canadian GAAP. As with every other area of accounting, we just follow business – if the arrangement is complicated, then the accounting for that arrangement is likely to be complicated.

Stock options are another area of complication, and one where ordinary journalists (and even those who are primarily business journalists – a contradiction in terms if I’ve ever seen one) often mix up the facts for the hysteria.

When you read something in the mainstream media about public accounting, please take it with a grain of salt because it is inevitably rife with misinformation, either deliberate or otherwise.


Wireless internet theft affects us all

A story in the New York Times about your friendly neighborhood wireless thieves. I have to admit I’m guilty of this when I’m not at home, but it pretty much does serve you right if you don’t secure your network. Maybe municipal wi-fi will cut down on this “phenomenon”…

Edit: If only Twitter were invented when I wrote this “post”.


How Playboy protects its intellectual property

Gives a whole new meaning to the term “asset management” doesn’t it?

With more than 53 years of multimedia content under its belt, Playboy Enterprises takes content management and rights management very seriously. Developing the best systems to manage all those photos, videos, television footage and text is top priority for Playboy chairman and chief executive Christie Hefner.

Read the interview with Christie Hefner.