Posts filed under “Taxes and Policy”

SEC Proposal: Abandon US Accounting Rules

What this country really needs is less tranparency in earnings reports, and more wiggle room for corporate reporting:

click for video
Cox_sucker

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We are governed by utter idiots . . .


Similarities and Differences: A comparison of IFRS and US GAAP
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Ifrs_and_us_gaap

WSJ:

"The Securities and Exchange
Commission signaled the demise of U.S. accounting standards, kicking
off a process Wednesday that could ultimately require all publicly
listed American companies to follow an international model instead.

Introduced
in two steps, the shift could eventually cut costs for companies and
smooth cross-border investing. At the same time, investors worry it
will create confusion, especially during the transition. Other critics
worry that the international system offers too much wiggle room for
companies, compared with the more precise rules enshrined in U.S.
standards.

The SEC’s proposal would allow some large
multinational companies to report earnings according to international
accounting beginning in 2010. The SEC estimates at least 110 U.S.
companies would qualify based on their market capitalization, among
other factors. The agency also laid out a road map by which all U.S.
companies would switch to International Financial Reporting Standards,
or IFRS, beginning in 2014, at the expense of U.S. Generally Accepted
Accounting Principles, the guiding light of accountants for decades.

The proposals will be open for public comment for 60 days and could be finalized later this year."

Anything that artificially boosts earnings is great for America . . .

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Sources:
SEC Moves to Pull Plug On U.S. Accounting Standards
KARA SCANNELL and JOANNA SLATER
WSJ, August 28, 2008; Page A1
http://online.wsj.com/article/SB121985665095476825.html

SEC May Let Companies Abandon U.S. Accounting Rules
Jesse Westbrook
Bloomberg, Aug. 27 2008
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=azXvW6B6aINg

Download SandD_07.pdf

Category: Corporate Management, Earnings, Taxes and Policy, Valuation, Video

In Defense of Short Selling

Category: Markets, Short Selling, Taxes and Policy

Open Thread: Bad Sign on Fannie & Freddie Comes True

Category: Credit, Economy, Taxes and Policy

Category: Bailouts, Credit, Taxes and Policy

OPEC vs US Gross Personal Tax Reciepts

Category: Economy, Energy, Taxes and Policy

Fannie and Freddie: Worth Negative $50 Billion Each

Category: Credit, Derivatives, Real Estate, Taxes and Policy

Down 97%: Tax Trouble Coming For States & Cities

Category: Credit, Derivatives, Earnings, Economy, Taxes and Policy

Bear Hunt

Category: Credit, Legal, Markets, Politics, Short Selling, Taxes and Policy

No Shorting. That’s the Rule.

Category: Short Selling, Taxes and Policy, Trading

No Recession? No Inflation? Don’t Make Me Laugh!

Category: Consumer Spending, Data Analysis, Earnings, Economy, Taxes and Policy