Tax Guru-Ker$tetter Letter

Monday, June 02, 2003

Naysaying Times. The paper of record will never throw props to a tax cut. - Of course, given the NY Times' reputation for fabricating news and printing lies as truth, what good would their endorsing a tax cut do?

Six Important Rules for Real Social Security Reform

A company that loses money is socially irresponsible - A Peter Drucker classic

Economic Profit Vs. Accounting Profit

Why Smart Managers Do Dumb Things - Motivations for creative accounting tricks.

Give Us Disclosure, Not Audits - There have long been serious problems with the practicality of GAAP (generally accepted accounting principles) in audited financial statements as investors try to make reasonable decisions. This isn't a new problem by any stretch of the imagination. I can still recall this as a topic in my early college accounting classes, almost 30 years ago. One of the biggest surprises when I started learning about accounting is there is no such thing as one way to do things. GAAP includes a wide range of optional methods that can be used, making a truly useful side by side comparison of different companies' published financial statements impossible. I'm sure most people, including many financial planning advisors, are completely unaware of that fact.

- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 6/02/2003 01:51:00 PM Send this post: