#3 Quoting FASB
Jan 15th, 2009 by pfi
How do you distinguish between a good accountant and a great accountant? Starting pulling FASB statements out of a hat and see who can name more paragraphs. Advanced accountants can quote the individual sentences and tell you why you’re wrong.
FASB stands for Financial Accounting Standards Board and is the basis for Generally Accepted Accounting Principles (GAAP). All this means is that FASB represents important accounting guidance in the US. Conversations between career accountants will involve discussions on accounting treatment by citing FASB and other standards. In between quoting FASB, you will likely hear accountants gossipping about people they work with.
If you really want to impress an accountant, you can ask their opinion about the mark to market accounting of FAS 157, a recent financial hot topic, and let them express themselves. This will cast you as someone who cares and is knowledgeable about their profession. Be careful though! If your accountant friend is inexperienced, they may not know the FASB you are quoting and make them feel embarrassed.
Won’t we have to start quoting IFRS pretty soon? It will be like learning Russian, a whole new language.
DE, you are a retarded.
DE, you are retarded.
Thanks. I am still working on trying to imply sarcasm in text…but as retard its going slow.
screw FASB…. anyone else here know IRC? Regs? PLRs? TCMs?(ooooo – cross reference “acronymns” here)
the really sharp ones start spouting out EITF’s….EITF 02-16, which is one of my personal favorites.
yeah, in between starting debates about IFRS convergence we talk about which coworkers are currently dating. dude, i love this blog.
All of you are idiots, we should be quoting the codified standards now, duh!