This is the most exciting discussion about accounting I’ve ever heard.
There is a confluence of interest leading to:
– our surrendering the power to establish accounting standards to an international body
– top down enforcement of standardized accounting standards
– devilish details which will tax businesses even more — Obama’s budget already project over $50 billion in increased tax revenue
– less transparency for international corporations — which will likely be an excuse for the government to take an even bigger policing role in the future
– even more obstacles for small businesses who want to compete with big corporations
– a lower standard of living
The interests are as follows:
– Academics who like things standardized and centralized, and think, like Lenin, that the entire world should be run like the post office
– International accounting firms who will make a bundle as the world
– The government who will be able to wrest even more wealth from the people who actually produce things
– International corporations who will have yet another government-imposed advantage over small businesses