An Update: Counting The Way The FASB Codification Has Improved My Life
Back in March, during an instance of extreme frustration, I penned (so to speak) one of my more favorite blog entries called Counting The Way The FASB Codification Has Improved My Life . I'm reminded of it often these last couple of weeks, as I continue to be very frustrated with it.
Example 1: Last week I was looking at the prior year statement of cash flows on a new client and saw something classified in the financing activities section that just didn't make sense to me. In the old days before the codification, I knew exactly where in FASB 95 to find the description of what qualifies as a financing activity. Took me over 15 minutes to find it in the codification.
Example 2: Today I am reviewing the financial statement draft for the same new client and I see a disclosure on a pending accounting pronouncement. Off the top of my head, I frankly don't know the effective date of the pronouncement for private companies. Same song, different day, except it took me 20 minutes in the codification to find it.
I don't hide how old I am (see my LinkedIn profile and you can figure it out from my college graduation or see my wall in Facebook). Am I getting too old to adapt to these things? Seriously, I was very comfortable with the old system. Am I a stick in the mud?
In other words, I still don't see how the FASB Codification has improved my life.