Shafer CPA

As I was walking back from my mailbox the other day and flipping through my mail, I came across the Tennessee CPA Journal. As I looked at the picture and caption on the cover of the magazine, I groaned.

The FASB notes that the purpose of its Disclosure Framework project is to “improve the effectiveness of disclosures in notes to financial statements by clearly communicating the information that is most important to users of each entity’s financial statements.” Why the Board didn't consider this years ago is baffling....

Last week, Warren Buffet made an announcement that sent shockwaves through the capital markets. “Based in part on the recent decision by Initrobe to classify the fair value of its debt as level 1, Berkshire Hathaway today purchased all of the outstanding common stock of Initrobe (ticker symbol IN). We were also impressed by the company’s Level 3 rollforward, which gave me invaluable insights into the company’s cash flows and operations.”