this + the interest on the debt accrued for the bailout. TARP was not done with cash on hand - it was a loan from a loan. Lulz...stupid world...
Originally Posted by nobody's_hero
this + the interest on the debt accrued for the bailout. TARP was not done with cash on hand - it was a loan from a loan. Lulz...stupid world...
"Like an army falling, one by one by one" - Linkin Park
GAAP says the expense should be recognized in the period in which it is incurred, if memory serves.
Shrug. If you're an accountant, you tell me. I'm taking other people's word for it, currently. Refresher course:
http://www.ifrsaccounting.com/ifrs-pensions.html
Sounds like they'd need to recognize at least the minimum liability, as it's obviously unfunded :PRecognition of a minimum liability on the statement of financial position to at least the unfunded accu-mulated pension benefit obligation
The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.
I believe unfunded liabilities are required to be disclosed in financial statements. But only an appropriate portion would be expensed in the current period, per the income statement.
I'm skimming through Wiley GAAP 2010: Interpretation and Application of Generally Accepted, Chapter 18 on google books (page 953)...
it is a complicated subject, but from what I've read, it's complicated precisely because there is supposed to be a smoothing of the obligation... if the losses were recognized only when they occurred, that chapter would be about 3 sentences long
The Matrix is a system, Neo. That system is our enemy. But when you're inside, you look around, what do you see? Businessmen, teachers, lawyers, carpenters. The very minds of the people we are trying to save. But until we do, these people are still a part of that system and that makes them our enemy. You have to understand, most of these people are not ready to be unplugged. And many of them are so inured, so hopelessly dependent on the system, that they will fight to protect it.
Too bad they did not invest that $1 trillion in Bitcoins back in 2009. It was worth less than a penny per Bitcoin back then. Today it is worth over $13 per Bitcoin. That would have been quite the return.
Definition of political insanity: Voting for the same people expecting different results.
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