| A.
R. Kakhsaz Company
an accountancy corporation
Member
American Institute of
Certified Public Accountants
International associates:
Tavana & Co.
Chartered Accountants
Toronto, Canada
Tel.416-229-2221
|
Big GAAP, Little GAAP
We are the big GAAP!? Did you
know that the private construction
contracting industry GDP makes
up more of the U.S. GDP than
public issuers? And that more
than 80% of construction revenue
comes from non-SEC registrants?
Current GAAP in the U.S. is
governed by the FASB. Who
makes up the FASB? What is their
background? Only one of the
seven board members has private
company background. How can
the board fully understand private
entity user needs without that
background? Many argue that
FASB is rather focused on global
convergence and public company
issues, with little time to devote to
private company issues. Can the
U.S. construction economy
continue to fight against
nonrelevant and very costly FASB
pronouncements such as FIN 46
or 48?
Can we afford for the FASB to be
wrong on the many new GAAP
issuances coming on revenue,
leases, and others? Is it time for
our own due process on private
company financial reporting (i.e.,
potentially the PASB - Private
Company Accounting Standards
Board)? What will the difficulties of
implementing such a new process
be on differences, accounting
education, and the banking and
surety industries (and more) as it
relates to the construction
industry?
Wall Street is the only place
that
people ride to in a Rolls Royce to
get advice from those who take the
subway.
The IRS has erroneously paid
almost $17 billion of earned
income credits in 2010, says the
Government Accountability Office.
That's 25% of all claims for the
credit. Fraud and dishonest return
preparers contributed to this
problem.
For more of the Generalist,
please visit ARKCPACOM.
|
theGeneralist, a
one-page monthly
publication of the accounting firm of
A.R. Kakhsaz Company, is in its 18th
year of providing information, presented
fairly and accurately, from sources we
can depend upon and trust.
In a stem-cell breakthrough,
scientists in Japan have used
lab-grown sperms to make sterile
mice fertile.
Salvador Dali was
excommunicated from the
Surrealist Movement because of
his political stance pre-WWII -- or
lack thereof. While other surrealist
artists were denouncing fascism
and Hitler, Dali insisted that
surrealism and politics did not
need to mix, and he refused to
taking a stand against the fascist
groups. The surrealist formally
expelled him from their numbers.
Dali's response to being ejected
from the movement was, "I myself
am surrealism." As time went on,
many of the artists were repulsed
by Dali's increased
commercializing of his craft and
his persona, and they turned their
back on him and on his art. Dali
was born in May 1904.
Excerpt from a court proceeding:
Q: Do you know if your daughter has
ever been involved in voodoo
or the occult?
A: We both do.
Q: Voodoo?
A: We do.
Q: You do?
A: Yes, voodoo.
The long haul: For many, the
slow economic recovery still feels
like a recession.
U.S. households saw their net
worth fall $2.4 trillion to $57.4
trillion in the third quarter 2011, but
consumer spending increased.
We see more in numbers
than just numbers...
Ali R. Kakhsaz
www.arkcpa.com |
