Thoughts About SEC’s IFRS Policy

J. Edward Ketz is my round tuit.  ???  A round tuit is anything that unlocks your sense of inertia, allowing you to start working on some task that has been delayed far too long. An example helps.  Have you, like me, ever been nailed for procrastinating?  All the time.  It probably followed this thought, “I’ll get a round [...]

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Ed Ketz – A Beacon Of Sound Reason About IFRS

On February 25, 2010, the Securities and Exchange Commission (SEC) released a formal Commission Statement in Support of Convergence and Global Accounting Standards. I never got around to reacting.  Today (March 29, 2010), Ed Ketz publishes his reaction, “The Iffiness of IFRS” at SmartPros.   It’s better than anything I can write (anything Ed writes [...]

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Tiger Woods and Big Audit Firms

Tiger Woods was interviewed recently by a reporter from ESPN.  The interview aired on radio (which I heard) and I imagine it aired on TV. I only heard the interview once.  Tiger didn’t directly say that he had been screwing around, but his comments were easy to interpret given their context.  I could be mistaken (frequently [...]

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No Accounting for Basketball Scores

UNI 69 – KU 67. Eric Prisbell of the Washington Post, writes, “Northern Iowa’s win over Kansas goes down as one of the biggest upsets in recent NCAA tournament history, for sure.”  Gregg Doyel of CBS Sports thinks it is the greatest upset ever in the NCAA men’s basketball championship tournament. Upset (noun) – 1. [...]

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What Is Accounting Pornography? REVISED.

[Ever get something wrong?  I made an error in the first version of this post (March 9, 2010).  I have fixed the error.  My apology to several fine people for implying they are accounting pornographers.  They aren't.] We get into some strange conversations over on AECM (Accounting Education Using Computers and Multimedia), the listserv for [...]

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Counterbalancing?

Over on AECM, good friend Bob Jensen has written a letter seemingly addressed to me.  I’m posting it, then replying to it. This is my reply to somebody on the AECM who is becoming increasingly cynical about our profession in the wake of the Lehman Report. Dear XXXXX As with most things in life, especially [...]

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Quote: Our Whole Industry Is Useless

Things are getting pretty grim here in the financial reporting & auditing part of the world. The countdown continues: 8 7 6 5 4 … 3 In the aftermath of the Valukis Report on Lehman Brothers, rubber neckers are circling the Big 4 in a death watch.  Who will be the first to die.  There [...]

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What Is Accounting Pornography?

I have decided to revise this post, and it has a distinct url:  http://profalbrecht.wordpress.com/2010/03/16/what-is-accounting-pornography-revised/ I’ve kept this page here so you can read the original user comments. In my original version of this post, I incorrectly identified those who create accounting pornography.  The true accounting pornographers are those who perpetrate accounting frauds.  Shame on them. [...]

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5 Q at GC

I’m a very fortunate guy.  My mind functions pretty well, my body is mostly healthy, and I’ve matured to the point of acting the age of someone 40% of my chronological age (not bad for a guy). I’m a professor.  A very fine liberal arts school regularly deposits money in my personal checking account.  In [...]

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Why So Irrational?

I’m sorry to have slowed down my blogging rate.  Last week was spring break and I traveled a bit.  I Amtraked back, and am exhausted.   This post addresses the need for me to get something up.  Excuse the brevity, for I am worn out. Right now, I’m in reading mode.  Maybe it will result [...]

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