Monday, January 02, 2006

Welcome to 2006

(1) Thanks to Brian Tankersley of CPA Firm Technology Blog for his summary of the "12 Blogs of Christmas" from last December. This summary is linked in the title of this blog.

(2) My bridge tournament was successful; I did receive enough points to reach Life Master status. Thanks to my most worthy wife and to her parents for their substantial contributions to my bridge success.

(3) It appeared that the biggest story of the end of year was the plea bargain of Enron executive Richard Causey. A USA Today reporter might have earned the "most annoying quote of the year" award for saying that Causey's concession may have moved the case from being about financial reporting to about the honesty of top executives Lay and Skilling and that testimony about Causey's role would have bored the jury. In my opinion, TOUGH!--the financial markets (and probably our political leadership as well) would be better served if the American populace was more knowledgable about accounting procedures and standards (and, for that matter, economic theory). The Enron trial very likely would be brought to light much of the present state of accounting theory and practice--and if changes are needed, those changes in all likelihood would have been spotlighted during the trial. I therefore hope that the accounting procedures used at Enron have not been taken out of the trial.


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