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  • ztairwaytohaven ztairwaytohaven Jun 3, 2008 11:29 PM Flag

    FAS 159

    ag, yea, the powers that be have established that BS changes should be run through the IS to illustrate the happenings along with the CF statement in some instances. So yes, most would have a multitude of names to call me for my suggestioons. However, the first thing one learns about GAAP is that it was established to expediate and ease the reporting for entities, not increase the transparency for users, despite what FASB tries to proclaim. Off balance sheet financing, option overhang, off balance sheet lease obligations, pension issues, etc being prime examples of that. That said, my feeling is this: why not simply change the carrying value of the assets and have either 1)ample "contra" line accounts to display changes in value or 2) footnote the occurences.

    I dont feel that any IS adjustment should be made at all. As I have no advanced degree in accounting or any advanced certification in the field, I am sure this would create a mound of problems, however, I like to keep things simple.

    Change the carrying value, illustrate what you have done, and call it a day. Either way, as I ahve already said, GAAP leaves it up to the user to effectively rearrange to suit their needs anyway. To me, like I said in my previous post, FAS 159 was just an attempt to slap some headgear on the sparring partner to keep him standing longer prior to the one of the greatest market disturbances in decades, you know? This is just an attempt to, as both dissenters discussed in the FASB release, "smooth" earnings. I will take it further to say that it is a way to make things look good on paper and then with further research you begin to realize the stench that follows alot of this crap around.

    alright i'm done.....its just said when you practicallly have to be a CPA or CFA to understand where the f&** the money is coming from and going it wears on you. Another way to fill the troughs for the people with three letters following their name and farther separate the commoner from his/her money through the furthered use of "professionals" ....whatever though, most people dont want to put in the work....i suppose the old cliche is true, a fool and his money are soon parted. Luckily, or as a result of sickly amounts of hours behind this screen, I can state that I am up pretty respectably lifetime, so I suppose I can't be called a fool YET :)

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