April 1st Podcast (#121)

In this April Fools Day podcast, Steve and Ralph Nach tell a pack of lies that encompass the following topics, while drinking a lot of Glenlivet Whisky:

• The FASB has sold naming rights to Glenlivet Whisky, overlooking such local brands as Jim Beam.

• The FASB has a new exposure draft out for review, regarding the handling of extralegal pharmaceuticals, which is essentially accounting for drug smugglers. Discussed the need for an inventory reserve to guard against government seizures. Smugglers could violate the going concern principle, since they could be shut down at any moment; this could impact the application of depreciation to digging smuggling tunnels and the capitalization of smuggling submarines, or catapults to throw drugs over the border.

• Sarbanes-Oxley required a financial expert on the board of directors. NASDAQ is going a step further, and is now requiring a priest on every board. Does a Fortune 500 company get a bishop? And who gets a cardinal?