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January 24, 2008

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Independent Accountant

Many years ago I learned something about SFASs, the longer they are, the more likely they are to be politically inspired "compromises", i.e., nonsense accounting. When I first read SFAS 87, I couldn't believe what I was reading. What is this amortization of "pseudoassets" that have no market value? It's Alice in Wonderland, "stuff and nonsense", said Alice.

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