On January 31, 2011, the Financial Accounting Standards Board (FASB) issued for public comment a proposed approach for recognizing impairment allowances on financial assets.

The Federal Accounting Standards Board has tried to make accounting into an exact science. It has failed, and will never succeed.

Accounting is an art, not a science.

Bank of America is the latest victim of the conceptual incoherence and labyrinthine demands of FAS 133, the U.S. accounting standard for derivatives.

The author discusses the impact of options policy on publicly traded firms and the economy.

Mandatory expensing of stock options will harm small businesses, drive talented managers and workers offshore, and harm the U.S. economy at a critical time.

Freddie Mac's new accounting methods are misleading, not stricter.

Since Enron, public officials and others have urged the Financial Accounting Standards Board to require that companies place a value on the stock options they grant to employees and treat that value as an expense in computing their earnings. The FASB has responded with a commitment to impose this requirement...