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September 29, 2009



Enjoy your blog. Putting aside the debate about which standar is better, I just want to ask one question: how many people can say they manage to master the US GAAP?
It needs training just to understand how the codification works.
Take a look at FIN 48. Irronically, it has become an excelent money making venue for these accounting firms. It is only an interpretation, but how much money have these big accounting firms earned to help companies understand it and implement it?
But we should seriously ask ourself, how much has this "superior" GAAP helped improve financial reporting?

Tom Selling

Hi, Steve:
I fully agree with your sentiments. In my view, both GAAP and IFRS are overloaded with unnecessary rules and complicatons that don't benefit investors. Having said that, my hope for constant improvement in U.S. financial reporting standards will diminish if the U.S. regulators merely have a seat at the table.


The "process" has become too infused with conflicts of interest and politics to result in a balanced, well-reasoned outcome for investors and preparers. Secondly, it is clear the current policital and regulatory leadership has no reservations regarding unfunded mandates. So long FAF and FASB!

David Albrecht


As another voice in the vocal minority, I applaud you for such a finely written piece.

It is apparent to me that the SEC/fed/treasury professionals (non-politial appointees) have adopted IFRS. Its foundation lies in economic arguments such as EMH and "it's only accounting, the market can see through any accounting disclosure).

Thanks for writing such a good post.

David Albrecht

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