Well, it is a new year and I have been delinquent in blogging. A combination of the holidays, some vacation, a conference out of town and preparing for upcoming meetings got the better of me. Those are my excuses – legitimate or not. I have found in writing a blog for a few years now that it is a lot like exercising. You can always find an excuse as to why you are too busy to exercise. Or you can claim you don’t feel good or you are not in the mood to do it. The same is true of writing a blog. So I am climbing back on the wagon for my blog and, hopefully, I will get back into my routine.
As we start a new year, it is a common time to make predictions and prognostications about various things. I thought I would go out on a limb and make some calls – professional, political and otherwise – just for the fun of it. Fortunately, my predictive powers are of no consequence other than how foolish I may look if most or none of them end up coming true. So here goes:
- The Financial Accounting Foundation (FAF) will end up adopting its proposal for a Private Company Standards Improvement Council (PCSIC) that will be subject to FASB. So there will not be a new independent board to establish standards or exceptions to GAAP for private companies. While this is not the outcome many wanted, it is still an improvement over the current situation and I am hopeful that with the increased focus and interest in this issue, some meaningful changes will actually start to occur for private companies.
- The SEC will not adopt IFRS for all U.S. companies, but will allow certain companies to use IFRS in making their filings. They will continue to encourage FASB and IASB to work on converging their standards, but they will support the U.S. maintaining its own standard-setting process.
- The Bush (actually they should now be the Bush/Obama) tax cuts/rates will not be renewed when they expire at year end. If Congress votes to extend them, the President will veto the legislation.
- President Obama will be re-elected with less than 50 percent of the vote. A third-party candidate will enter the race and affect the outcome.
- The Republicans will maintain their majority in the U.S. House of Representatives, but with a smaller margin.
- The Republicans will gain control of the U.S. Senate.
- The Texas Rangers will not make it back to the World Series. I really hope I am wrong about this one. But in the last 30 years, a team has gone to the World Series three consecutive years only four times. And only two teams have done it – Athletics and Yankees.
- The world will not end when the Mayan calendar does.
- Charles Barkley will regain some of the weight he has lost. Is anyone else tired of those Weight Watchers’ ads? And I like Charles!
Now on to exercising.
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