Once again the planets have aligned, and I find myself in agreement with Messrs. Miller and Bahnson in their column “Comparability, schmomparability,” (May 19-June 1, 2008, page 15).In discussing the Financial Accounting Standards Board’s desire for “comparability” in accounting, they make the point that it would be more important for preparers and auditors to use professional judgment than follow rigid rules. More transparency, rather than simply following rules, will provide information that is not only more relevant, but also more reliable.
I come to the same conclusion, albeit by a far different route. As a professional valuation specialist with 40 years of experience, I have valued literally over $100 billion of assets.
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