The Weekly Audit

Because you just can’t get enough! Here are this week’s worthy accounting reads:

• Sarah Johnson and David McCann at CFO.com posted an informative piece on the SEC’s plans for US company migration to International Financial Reporting Standards (IFRS).
• Gothamist reports on the sketchy accounting NYU uses to report crime statistics on campus.
• GAAP Web calls Lehman’s bankruptcy administration ten times worse than Enron. The number of financial positions involved, over 400 trade creditors, and differences between US and UK bankruptcy laws contribute to the complexity. PwC has been named as administrator.
• Lean Accounting weighs in on the current economic crisis.
• Saj Carson at iStockAnalyst cautions investors to look beyond the balance sheet to the economic realities of a firm’s transactions. Particularly, in the case of Disney, Carson considers their non-cancelable broadcasting agreements on various NFL, NBA, NASCAR sporting events as obligations that, if capitalized, would more than double the company’s debt.

Image Credit: orangeacid, Flickr