... a Lumberjack!
Ping!
... a Lumberjack!
I don’t know. Sounds like strict accounting practices might hamper business, so just let it be. Oh, and be sure to have Unclse Sugar bail them out when the chickens come home to roost.
A CPA here: To me accountancy rules are borderline smoke and mirrors. There are so may ways to “account” for something according to Generally Accepted Accounting Principles. I used my FASB rules book in college for a beer coaster because they are to convuleded to read.
So Mark-to-Fantasy is here to stay. Does this mean we do a sequel to Japan, with a couple of decades of stagnant GDP growth?
Rules regarding how banks account for off-balance sheet interests are “irretrievably broken”, a senior group of international rulemakers has warned . . .
Millions or billions in risky mortgage loans were sold to unsuspecting investors. Who bought this garbage _________? Foreign investors, foreign governments and state pension plans in the U.S. are at the top of the list. There are rumors on Wall Street about mortgages being sold several times: In other words, there may have been major bank fraud here.
It sounds like accounting 'professionals' are urging lawmakers to sweep this scandal under the rug. 'We need to do something,' they say, 'But don't look over there.'
That is why taxpayers must strongly object to a wholesale whitewash and a total bank bail-out. A real investigation must take place. Otherwise taxpayers will be saddled with this mess for generations while the crooks sail off into the sunset. 'Nuff said.
Arthur Andersen’s (Enron) downfall here...
http://news.bbc.co.uk/1/hi/business/2049237.stm
Thanks to all posters. Fascinating.
The Accountancy Shanty
LEAD PIRATE:
Full speed ahead, Mr. Cohen!
CHORUS:
Up, up, up your premium. Up, up, up your premium.
PIRATE:
Scribble away!
CHORUS:
Up, up, up your premium.
PIRATE:
And balance the books.
CHORUS:
Up, up, up your premium.
PIRATE:
Scribble away!
CHORUS:
Up, up, up your premium.
PIRATE:
But manage the books.
CHORUS:
Up, up, up.
PIRATES:
It’s fun to charter an accountant
And sail the wide accountancy,
To find, explore the funds offshore
And skirt the shoals of bankruptcy!
It can be manly in insurance.
We’ll up your premium semi-annually.
It’s all tax deductible.
We’re fairly incorruptible,
We’re sailing on the wide accountancy!
LEAD PIRATE:
Oh, this is fun, Mr. Cohen!
PIRATE:
Sail away!...
CHORUS:
Up, up, up...
LEAD PIRATE:
Fetch me another exotic salute. To port! Bring her port to shell out! And the medium guys shell out to port! Balance the books! Bring me another small shellfish, Mr. Cohen...
