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FASB’s Karma
In my view the Financial Accounting Standards Board is doing the country
a great disservice. A few years ago when the feces was hitting the fan
on a near daily basis it became abundantly clear that accounting
standards had to be changed.
Two areas that were abused big time and contributed to the problems were the issues of mark to market and lease accounting.
These categories are where big leasing companies can hide debt and
manipulate earnings. Financial firms can hide book losses under the
guise that they will “Hold to Maturity”. Insurance companies can write
derivate contracts that are “off the books”.
There were firm promises made that things would change. Unfortunately FASB has folded like a cheap suit in the rain.
There will be no better disclosure in the future than in the past.
Therefore the past will be repeated in the future. The scary thing is
that FASB is a financial slave to those who benefit. Same old, same old.
I keep hoping that there is a Yin and Yang in the world. Some hidden force that attempts to bring balance. Who knows? In the case of FASB they might have just gotten hit on the head with some Yang. Consider this lawsuit:
This is a patent/licensing suit. I don’t know the merits. Just the suggestion that FASB was playing fast and lose makes me grin.
The case has made it to Federal Court. So there will be a ruling. I’m
hoping FASB loses big time. They have that “Bad Karma” thing hanging
over their head.
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But I made a deal with the deviled eggs! My Silicon Valley accountant assured me that this innovative technique was money in the bank!
stop it, I'm afraid to open the fridge
yeah, my 1st reaction was "wtf patent on accounting!?" like Trump and "You're fired". But, then, I remembered it's all "creative accounting" - see? People can invent special and unique forms of accounting since the numbers don't matter anymore.
o/t anywhere - we had bacon and egg sandwiches for breakfast and 2 consecutively broken eggs had double yolks. It's freaking me out. I'm resisting the urge to break the rest of the carton just to see. When I first saw the 2 eggs and 4 yolks in our frying pan it made me have a flashback-y feeling like I was trippin'. Weird.
You're assuming that the host is still alive. What we have here are zombies. You can't kill something which is already dead.
Thanks Mr. K, one can only hope...
top of the morning to you, bruce. karma is going to get us thougth this. or gravity†