http://www.nakedcapitalism.com/2007/11/warning-tough-accounting-and-more.html Sun, 22 Nov 2009 02:09:47 -0500 http://wordpress.org/?v=2.8.4 hourly 1 http://www.nakedcapitalism.com/2007/11/warning-tough-accounting-and-more.html#comment-1456 Anonymous Wed, 07 Nov 2007 04:55:00 +0000 http://www.nakedcapitalism.com/2007/11/warning-tough-accounting-and-more-writedowns-coming/#comment-1456 Please correct if wrong but FASB 159 references 'fair value' per 157 which continues to allow use of unobservables. Please correct if wrong but FASB 159 references ‘fair value’ per 157 which continues to allow use of unobservables.

]]> http://www.nakedcapitalism.com/2007/11/warning-tough-accounting-and-more.html#comment-1443 Independent Accountant Tue, 06 Nov 2007 13:15:00 +0000 http://www.nakedcapitalism.com/2007/11/warning-tough-accounting-and-more-writedowns-coming/#comment-1443 I have no confidence in the SEC, AICPA, Big Four CPAs, etc., to fully disclose the size of the subprime mess. If these entities were doing their jobs correctly, it would never have happened as the banks would have had to consolidate their SIVs all along and the Big Four should have declined the opportunity to opine on any bank's financials with material amounts of assets valued based on unproven computer models. This mess reeks of the S&L mess of the early 1980s. I'm a CPA by trade and do some SEC work and know how the game is played. I have no confidence in the SEC, AICPA, Big Four CPAs, etc., to fully disclose the size of the subprime mess. If these entities were doing their jobs correctly, it would never have happened as the banks would have had to consolidate their SIVs all along and the Big Four should have declined the opportunity to opine on any bank’s financials with material amounts of assets valued based on unproven computer models. This mess reeks of the S&L mess of the early 1980s. I’m a CPA by trade and do some SEC work and know how the game is played.

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