Today was a 13 ½ hour day; I’m ready for the weekend! I attended the UW Financial Reporting conference in Tacoma.
There was a representative from the FASB and from the SEC to talk about hot topics: mark to market, fair value, the financial crisis, congressional hearings about accounting topics, the accounting implications of the government bailing out the economy.
Predictions from the experts:
- We are currently 1/3 to halfway through this recession.
- Unemployment rates to stay high until 2014-2015.
- There is a culture shift underway to stop living a lifestyle beyond what people can afford.
- A new, more socialistic form of capitalism is emerging: more taxes, more retraining, forded competition, compensation and board changes, labor friendly environment.
“People have been using their houses as an ATM. Household savings disappeared. As consumers step down spending, the question is who will step up to fill the gap.”
– Cathy Shakespeare
There was a representative from the FASB and from the SEC to talk about hot topics: mark to market, fair value, the financial crisis, congressional hearings about accounting topics, the accounting implications of the government bailing out the economy.
Predictions from the experts:
- We are currently 1/3 to halfway through this recession.
- Unemployment rates to stay high until 2014-2015.
- There is a culture shift underway to stop living a lifestyle beyond what people can afford.
- A new, more socialistic form of capitalism is emerging: more taxes, more retraining, forded competition, compensation and board changes, labor friendly environment.
“People have been using their houses as an ATM. Household savings disappeared. As consumers step down spending, the question is who will step up to fill the gap.”
– Cathy Shakespeare
1 comment:
Such a long day! I hope you were able to rest some.
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