This past Friday, the Global Accounting Alliance met in New York City to discuss whether or not financial accounting should be simplified.
A few of the statements from the roundtable were:
Paul Cherry, chairman of the International Accounting Standards Board’s Standards Advisory Council and former Canadian Accounting Standards Board chairman.:
“We have an antiquated conceptual framework and coming off the charts is a rigorous rethink of disclosure. Without (improving) these essential building blocks I don’t see any real prospect for meaningful simplification of the standards.”
Wayne Carnall, the chief accountant of the SEC’s Division of Corporate Finance, stated:
“[In the U.S.,] we look at everything very short term. Everything becomes incrementalized because we want an immediate solution. It seems we’re constantly making changes. If we could step back and look at issues on a longer-term basis, it would help.”
Read all thoughts here at the Journal of Accountancy.
Showing posts with label Financial accounting. Show all posts
Showing posts with label Financial accounting. Show all posts
Tuesday, July 21, 2009
Thursday, July 9, 2009
Cash flow and banks
In a new article at CFO, they look at the differences in how banks account for operating cash flow. Better accounting styles would account for a better understanding of the true financial health of the institutions. The article states that banks can't be reliably compared to eachother. Read the full article at CFO.
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