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Hot Secretary, Get the President on the Phone. I Just Got Tired of Paying Taxes

well i was trying to ask questions but you didn't want to answer them.

who do the accounting rules benefit other than the rich people who run companies and accountants who are paid to fiddle around with numbers?
 
They benefit people that invest in publicly traded companies.
 
And small business owners and people that own investment properties.
 
Milhouse said:
well i was trying to ask questions but you didn't want to answer them.

who do the accounting rules benefit other than the rich people who run companies and accountants who are paid to fiddle around with numbers?
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No, you were asking vague leading questions instead of just coming out and saying what the fuck you meant and then claiming your questions weren't answered because you weren't getting the answers that you wanted.

The accounting rules don't necessarily benefit any rich person or company. Rich people lose their shirts and companies go out of business under the accounting rules every day. The rules benefit the investing public and all stakeholders (investors, lenders, etc) since it gives them a framework to evaluate the financial performance of companies.
 
ChrisL68 said:
No, you were asking vague leading questions instead of just coming out and saying what the fuck you meant and then claiming your questions weren't answered because you weren't getting the answers that you wanted.

The accounting rules don't necessarily benefit any rich person or company. Rich people lose their shirts and companies go out of business under the accounting rules every day. The rules benefit the investing public and all stakeholders (investors, lenders, etc) since it gives them a framework to evaluate the financial performance of companies.
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like KPMG and Goldman Sachs and Moody's
 
ChrisL68 said:
No, you were asking vague leading questions instead of just coming out and saying what the fuck you meant and then claiming your questions weren't answered because you weren't getting the answers that you wanted.

The accounting rules don't necessarily benefit any rich person or company. Rich people lose their shirts and companies go out of business under the accounting rules every day. The rules benefit the investing public and all stakeholders (investors, lenders, etc) since it gives them a framework to evaluate the financial performance of companies.
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why were the rules that were in place before the current rules were written not good enough?
 
answer that question. not a leading question. a simple one.
 
after you answer that one, then answer this one. who wrote the new rules?

fuck man i have asked the same god damn questions 10 times.
 
Milhouse said:
why were the rules that were in place before the current rules were written not good enough?
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The rules that are in place are the same rules that were put in place starting in 1929. Many of those original accounting pronouncements from 50-60 years ago are still in place as part of the officially codified standards. There are alot more rules, because there are business transactions and situations now that didn't exist in 1929 or for many years after and the theoretical accounting eggheads (mostly academicians) have decided that fair market value accounting is a more fair reflection of current financial position than historical cost. Original rules for instance didn't contemplate the outside basis difference of foreign subsidiaries for deferred tax purposes because multinational companies weren't prevalent.
 
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Milhouse said:
after you answer that one, then answer this one. who wrote the new rules?

fuck man i have asked the same god damn questions 10 times.
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I have told you twice. The Financial Accounting Standards Board or FASB.
 
so accountants decided to write rules that made accounting more complicated, thus creating the need for more accountants to interpret the rules that accountants wrote.
 
Milhouse said:
so accountants decided to write rules that made accounting more complicated, thus creating the need for more accountants to interpret the rules that accountants wrote.
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No, accounting theorists decided for instance if you have an asset or liability that has a market on your balance sheet, that it should be marked to its market price because it provides the investing public with a better reflection of the company's current financial position. Generally before that you had to disclose all of that information in your footnotes even if you didn't account for it in your books and records.
 
there weren't more accounting jobs created to interpret the increasingly complex rules created by accountants?

to the google!
 
The biggest reason for the increase in the number of accountants by far is due to Sarbanes Oxley as a result of Enron. Mandated controls testing and the PCAOB increased scrutiny of auditors of public companies. Working in accounting for a big public company is incredibly stressful.
 
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SOX hasn't accomplished a thing other than more billable fees for accounting firms. it is as effective as the TSA.
 
Milhouse said:
SOX hasn't accomplished a thing other than more billable fees for accounting firms. it is as effective as the TSA.
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There is no comparison of the level of audit scrutiny now versus 2000
 
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