
Sign up to save your podcasts
Or
What if the foundation of financial accounting is fundamentally flawed? Tom Selling, author of The Accounting Onion blog, argues that historical cost accounting creates a "truth in labeling problem" that allows management to manipulate earnings while failing to capture economic reality. Through compelling examples from oil and gas, pharmaceuticals, and subscription businesses, he explains why value creation often occurs years before GAAP recognizes a single dollar of revenue. You'll discover how a $2 change in expected cash flows can trigger a $400,000 impairment loss, why the FASB shifted focus from earnings to balance sheets, and how current corporate governance essentially lets management "grade their own papers." This conversation challenges core assumptions about what accounting should measure and offers a provocative vision for reform.
Chapters
Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728
Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app
Connect with Our Guest, Tom Selling
The Accounting Onion: http://accountingonion.com
Connect with Blake Oliver, CPA
LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/
4.9
2525 ratings
What if the foundation of financial accounting is fundamentally flawed? Tom Selling, author of The Accounting Onion blog, argues that historical cost accounting creates a "truth in labeling problem" that allows management to manipulate earnings while failing to capture economic reality. Through compelling examples from oil and gas, pharmaceuticals, and subscription businesses, he explains why value creation often occurs years before GAAP recognizes a single dollar of revenue. You'll discover how a $2 change in expected cash flows can trigger a $400,000 impairment loss, why the FASB shifted focus from earnings to balance sheets, and how current corporate governance essentially lets management "grade their own papers." This conversation challenges core assumptions about what accounting should measure and offers a provocative vision for reform.
Chapters
Download the Earmark CPE App
Apple: https://apps.apple.com/us/app/earmark-cpe/id1562599728
Android: https://play.google.com/store/apps/details?id=com.earmarkcpe.app
Connect with Our Guest, Tom Selling
The Accounting Onion: http://accountingonion.com
Connect with Blake Oliver, CPA
LinkedIn: https://www.linkedin.com/in/blaketoliver
Twitter: https://twitter.com/blaketoliver/
3,194 Listeners
256 Listeners
73 Listeners
178 Listeners
415 Listeners
340 Listeners
249 Listeners
43 Listeners
26 Listeners
9 Listeners
132 Listeners
59 Listeners
29 Listeners
54 Listeners
42 Listeners