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.