• 10 Nov 2008 at 2:40 PM

Get That Damn Light Off Me!

When exactly did this “blame the test” game start? At what point exactly was it when the fact that Jr. can’t add three plus three became “well, of course not. The test is unfair.”? What level of absurdity have we reached when it is the accounting rules that force the reporting of “dismal results,” and are therefore to blame in large part of the financial disaster we are coping with?

The audit watchdog agency is considering issuing additional guidance on fair value accounting, which banks have blamed for forcing them to report dismal results, chairman Mark Olson told Reuters on Monday.
Olson, who leads the Public Company Accounting Oversight Board (PCAOB), said U.S. accounting regulators need to keep examining consequences of the standard, but lawmakers should not get involved.

Audit watchdog weighs more fair value guidance [Reuters]

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Comments (9)

  1. Posted by guest | November 10, 2008 at 2:53 PM

    Friggin boomer fucktards have been patted on the back their whole friggin lives and given ribbons just for showing up, THAT’s the friggin problem

  2. Posted by guest | November 10, 2008 at 3:16 PM

    Its not just boomers..its gonna be worse with Gen Y (the “ME ME ME!!! I’m-the-Best-even-though-I-got-an-F-on-this -test-but-teacher-says–its-ok-you-can-take -it-until-you-pass” generation).
    And banks should be given leeway when all other companies have to report on shitty earnings? Grow up.

  3. Posted by guest | November 10, 2008 at 3:35 PM

    Fair value accounting hurts the banks’ self esteem

  4. Posted by guest | November 10, 2008 at 3:52 PM

    As a CPA I can only laugh at the idiocy. They push us for clearer guidelines and more realistic rules, so we come up with them, and then it’s our fault for the enormous losses. Douchebags.

  5. Posted by guest | November 10, 2008 at 4:00 PM

    FASB pulled the trigger with FAS 157 but the gun was already loaded and pointed in the mouth of Wall Street.

  6. Posted by guest | November 10, 2008 at 4:04 PM

    Oh and I forgot to mention the PCAOB, which is hardly an advocate for the accounting profession. They should dissolve this group ASAP.

  7. Posted by guest | November 10, 2008 at 6:31 PM

    Who’s the C.O. Here? Ain’t You?

  8. Posted by guest | November 10, 2008 at 10:31 PM

    The problem is that we’ve swung from a position of “why don’t you tell us what it’s worth” to “Why don’t we let the market tell us, but the market is overleveraged and unable to pay any price that approaches reality.”
    Most of this stuff will perform much better than the current market price. The issue isn’t loan quality. It’s leverage.

  9. Posted by bookmarking submission | September 11, 2012 at 8:39 PM

    JyMy03 Thanks a lot for the blog.Much thanks again. Will read on…