SENATE BILL: Executive Compensation Act of 2014 (Redraft Vetoed)

[DC Al Fine]

As for the FASB, I guess we could adopt different standards, but again, I don't see the purpose of going through the expense of doing it. What is inherently wrong with the FASB and why does it need to be replaced? Maybe the federal government can provide oversight of the FASB instead of unilaterally replacing them? Maybe we just have different philosophies on this matter?

Speaking as an accountant, FASB is an antiquated system. It's riddled with adjustments made for political reasons (both by business and government) and often doesn't make any sense. (Ex: LIFO is used for valuing inventory).

As for the bill itself: Why don't we just switch to International Financial Reporting Standards? It's much more modern. Plus it's already set up and enforced in most of the world already, so it'd be much easier to switch compared to coming up with a new set of standards from scratch.

[DC Al Fine]

Offering an amendment

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[DC Al Fine]

Out of interest, why are we adopting the new standards in the middle of the year?

You'll have to ask Tyrion, I just used the dates he was using before.

[DC Al Fine]

As long as it has yet to proceessed, you cna still revise your amendment DC.

October 1st would be best, no?

Edited the amendment above to make Oct 1 the date. Never mind

[DC Al Fine]

Edited the amendment back to July 1 dates.

As for Tyrion's comment, FASB 142 is practically irrelevant for companies that aren't publicly traded.

[DC Al Fine]

Aye

[DC Al Fine]

Nay

[DC Al Fine]

Nay