[April 1, 2010 edition] In a surprise move, SEC Chair Mary Schapeero announced that she has directed Robert Hertz (Financial Accounting Standards Board) and Sir David Tweedy (International Accounting Standards Board) to start work on converging to Extra-Terrestrial Financial Accounting Standards (ET-FRS).
Schapeero told The Summa, “We took a closer look at comments to the proposed Roadmap, and discovered that male accountants are from Mars and female accountants are from Venus. Once that realization sank in, it became obvious that we needed to expand our horizons from global to universal accounting standards.” She added, “This is the only way to get Professor Albrecht to join us. His head is always in the clouds … of Venus.”
A principal advantage of ET-FRS is that it will be able to levitate the corporate cost of capital. A secondary advantage is that it avoids both rules and principles. Instead, it is based on GAAG–Galaxian Accepted Accounting Generalities.
There are two innovative rules in ET-FRS. The accounting for inventories is ROSO (Rings Of Saturn in Orbit). The accounting for investments is accomplished using gravitational-free values.
Captain James T. Kirk, head of the Extra Terrestrial Accounting Standards Board explains, “Space is the final accounting frontier. The SEC has astutely surmised that it must go where no finance professional has gone before.”
Debit and credit – – David Albrecht