Home › Forums › Financial Markets/Economics › SEC Moves to Pull Plug On U.S. Accounting Standards
- This topic has 20 replies, 4 voices, and was last updated 16 years, 3 months ago by
j.
-
AuthorPosts
-
August 29, 2008 at 9:56 AM #13687August 29, 2008 at 10:15 AM #263061
cr
ParticipantHaven’t read it yet but if it means you can no longer book and report the entire interest income from a 30 year loan that you just sold to the next biggest sucker of an investor before you even receive a payment then it’s a good thing.
August 29, 2008 at 10:15 AM #263362ParticipantHaven’t read it yet but if it means you can no longer book and report the entire interest income from a 30 year loan that you just sold to the next biggest sucker of an investor before you even receive a payment then it’s a good thing.
August 29, 2008 at 10:15 AM #263269ParticipantHaven’t read it yet but if it means you can no longer book and report the entire interest income from a 30 year loan that you just sold to the next biggest sucker of an investor before you even receive a payment then it’s a good thing.
August 29, 2008 at 10:15 AM #263273ParticipantHaven’t read it yet but if it means you can no longer book and report the entire interest income from a 30 year loan that you just sold to the next biggest sucker of an investor before you even receive a payment then it’s a good thing.
August 29, 2008 at 10:15 AM #263326ParticipantHaven’t read it yet but if it means you can no longer book and report the entire interest income from a 30 year loan that you just sold to the next biggest sucker of an investor before you even receive a payment then it’s a good thing.
August 29, 2008 at 11:34 AM #263356Ex-SD
Participantcooprider: I remember when they passed that stupid legislation back in the 80’s. The IRS wanted it so they could collect the taxes before you actually collected your money on installment sales but the Wall Street boys turned it to their advantage for just what you posted. Sometimes, the govt. is just dumber than a stick.
Good post!August 29, 2008 at 11:34 AM #263392Participantcooprider: I remember when they passed that stupid legislation back in the 80’s. The IRS wanted it so they could collect the taxes before you actually collected your money on installment sales but the Wall Street boys turned it to their advantage for just what you posted. Sometimes, the govt. is just dumber than a stick.
Good post!August 29, 2008 at 11:34 AM #263302Participantcooprider: I remember when they passed that stupid legislation back in the 80’s. The IRS wanted it so they could collect the taxes before you actually collected your money on installment sales but the Wall Street boys turned it to their advantage for just what you posted. Sometimes, the govt. is just dumber than a stick.
Good post!August 29, 2008 at 11:34 AM #263299Participantcooprider: I remember when they passed that stupid legislation back in the 80’s. The IRS wanted it so they could collect the taxes before you actually collected your money on installment sales but the Wall Street boys turned it to their advantage for just what you posted. Sometimes, the govt. is just dumber than a stick.
Good post!August 29, 2008 at 11:34 AM #263091Participantcooprider: I remember when they passed that stupid legislation back in the 80’s. The IRS wanted it so they could collect the taxes before you actually collected your money on installment sales but the Wall Street boys turned it to their advantage for just what you posted. Sometimes, the govt. is just dumber than a stick.
Good post!August 29, 2008 at 3:15 PM #263205ParticipantAgreed. I read it and at first the looser standards they talk about sound like they would be even easier to exploit.
Then I got to this part and it hit me:
“Real Estate: companies can revalue certain assets to fair value.”
Notice it didn’t say de-value, but re-value.
Initially you’d think to mark down underperforming RE assets, but what’s to stop companies from hoarding say, foreclosed homes, “revaluing” them at a “fair” value (what determines fair) and booking gains in an asset worth less then the loan against it?
I’m no accountant so I’m probably missing many other benefits but it doesn’t sound like it would prevent much of the debacle we’ve seen.
August 29, 2008 at 3:15 PM #263413ParticipantAgreed. I read it and at first the looser standards they talk about sound like they would be even easier to exploit.
Then I got to this part and it hit me:
“Real Estate: companies can revalue certain assets to fair value.”
Notice it didn’t say de-value, but re-value.
Initially you’d think to mark down underperforming RE assets, but what’s to stop companies from hoarding say, foreclosed homes, “revaluing” them at a “fair” value (what determines fair) and booking gains in an asset worth less then the loan against it?
I’m no accountant so I’m probably missing many other benefits but it doesn’t sound like it would prevent much of the debacle we’ve seen.
August 29, 2008 at 3:15 PM #263419ParticipantAgreed. I read it and at first the looser standards they talk about sound like they would be even easier to exploit.
Then I got to this part and it hit me:
“Real Estate: companies can revalue certain assets to fair value.”
Notice it didn’t say de-value, but re-value.
Initially you’d think to mark down underperforming RE assets, but what’s to stop companies from hoarding say, foreclosed homes, “revaluing” them at a “fair” value (what determines fair) and booking gains in an asset worth less then the loan against it?
I’m no accountant so I’m probably missing many other benefits but it doesn’t sound like it would prevent much of the debacle we’ve seen.
August 29, 2008 at 3:15 PM #263471ParticipantAgreed. I read it and at first the looser standards they talk about sound like they would be even easier to exploit.
Then I got to this part and it hit me:
“Real Estate: companies can revalue certain assets to fair value.”
Notice it didn’t say de-value, but re-value.
Initially you’d think to mark down underperforming RE assets, but what’s to stop companies from hoarding say, foreclosed homes, “revaluing” them at a “fair” value (what determines fair) and booking gains in an asset worth less then the loan against it?
I’m no accountant so I’m probably missing many other benefits but it doesn’t sound like it would prevent much of the debacle we’ve seen.
-
AuthorPosts
- You must be logged in to reply to this topic.