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January 07, 2010

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Dennis Elam

Bravo

Or as Ross Perot commented to GM when informed it would take five years to bring a new car to market, gee, we won WW II in four! What have they been doing all this time?

If you asked the FASB the cost of a toothbrush they would tell you it is the present discounted net cash flow of what you would have spent at the dentist had you not used a toothbrush less what you saved by using the toothbrush and not going to the dentist, this of course is impossible to calculate...

Dennis Elam PhD CPA
Asst Prof Acct
Tx A & M San Antonio

Warren Miller

Anyone who thinks the U.N. is the cat's meow is gonna love IFRS. Just as Khadafi chaired the old U.N. Human Rights Commission, I can just hear the preaching of the Russians, the Chinese, and the Saudis as they lecture us about the virtues of transparency and full disclosure.

Warren Miller, CFA, CPA
Beckmill Research, LLC
Lexington, Virginia

Independent Accountant

I agree. The FASB may take us back to German contingency reserves which will render the income statement virtually useless. So much for convergence. Who will benefit from convergence? The Big 87654, which can sell IFRS implementation studies. Wonderful. Another Sox 404 fiasco.

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