We've blogged twice (here and here) about the Financial Accounting Standards Board's efforts to trash Standard 5 and destroy the attorney client and work product privileges, er, I mean to update and revise the standards for disclosing loss contingencies in the Draft Exposure Guidelines. And I've been sweating away on my comment to the Board, now that Comments are open until September 20.
But my new hero is James Blaine, President of the North Carolina State Employees' Credit Union in Raleigh. Mr. Blaine has commented, not on Topic 450, but on another no-doubt well-intentioned revision, this one to the "Mark to Market " standards in Topics 815 and 825. Mr. Blaine's comment could easily apply to the Topic 450 revisions as well. The comment, in its entirety:
Theoretically arrogant; in practice insane; financially negligent and reckless.
Other than that, I have no concerns.
Sincerely, James C. Blaine
Hat tip, James E. Nye (author of A Taxing Blog).