Remembering Abraham Briloff and his love for the truth

Several times before, the Financial Accounting Standards Board's (FASB) need to reform its standards for pensions has been written about, mostly in support of its modest 2006 proposal to move the off-balance-sheet assets and liabilities onto that statement. To avoid controversy, FASB left the e...

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Bibliographic Details
Published in:Accounting Today 2014-02, Vol.28 (2), p.22-22
Main Authors: Miller, Paul B. W, Bahnson, Paul R
Format: Article
Language:English
Subjects:
Accountants
Accounting
Balance sheets
Briloff, Abraham
Briloff, Abraham J
Company business management
Defined benefit plans
Disclosure
Exposure drafts
FASB statements
Fear & phobias
Liability
Management
Pension plans
Proposals
Services
Volatility
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Summary:Several times before, the Financial Accounting Standards Board's (FASB) need to reform its standards for pensions has been written about, mostly in support of its modest 2006 proposal to move the off-balance-sheet assets and liabilities onto that statement. To avoid controversy, FASB left the expense untouched but is expected to thoroughly reconsider it in a Phase 2 project on accounting for pension plans. There is no trustworthiness in borrowers who plead with FASB to keep the truth under wraps a little longer so they can continue to mislead their creditors. Covenants can be effective only when both parties know the full truth. It cannot be FASB's business to harm creditors by hiding their debtors' liabilities. It turns out that pensionaphobia and all its sub-phobias are symptomatic of a broader and totally destructive neurosis that you call veritasaphobia. Indeed, you find that virtually all complaints against the board's proposal grow out of managers' fear of letting the truth be known.
ISSN:1044-5714