He was leery of getting Piasecki going on the subject of accounting.
Companies are subject to different rules on accounting, information disclosure and the treatment of minority shareholders.
Decades ago Jim saw the way some executives manipulate balance sheets and accounting rules--a subject that, sadly, is as relevant today as it was in the 1960s--and made exposing it a FORBES staple.
The SEC's operations became the subject of a review by the Government Accounting Office after Grassley and others demanded more accountability from the agency on its handling of Aguirre's investigation into possible insider trading at Pequot in 2001.
Vice-President Dick Cheney is already subject of an investigation begun by the General Accounting Office, at the request of congressional Democrats.
The accounting board was designed to be fully independent and thus not subject to political pressure.
The most significant changes, of course, involve Fannie and Freddie, which just five months ago were still subject to 30% capital surplus requirements, a punishment of sorts for their accounting scandals earlier in the decade. (Those surplus limits were lowered to 20% in March in order to marshal the companies' aid in dealing with the mortgage crisis).
While this communication may be used to promote or market a transaction or an idea that is discussed in the publication, it is intended to provide general information about the subject matter covered and is provided with the understanding that the author is not rendering legal, accounting, or tax advice.
Summary: Although convergence between US generally accepted accounting principles (GAAP) and International Financial Reporting Standards (IFRS) has been the subject of much debate and collaborative effort, it is still unclear when the US Securities and Exchange Commission (SEC) will make a determination about how to proceed, or what its final decision is likely to be.
In contrast, freebies offered by retailers or consumer-products companies often aren't subject to IRS reporting, because they are classified as a reduction in the purchase price, rather than income, accounting experts said.
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