Interesting quote from Robert Herz, FASB Committee Chairman.
But just don’t look for others to fix problems that may be under your control. Keep the Golden Rule of “doing unto others as they would do to you” in mind. If you are a lender, don’t make loans that people may not be able to pay off just because you can sell or securitize them. And if you are in corporate reporting, don’t succumb to the temptation to try to structure around the standards or fail to properly communicate risks to your investors and the markets, just because there is no specific FASB or SEC requirement.
Doesn’t it seem like a lot of the crap in the world could be eliminated if we followed the true Golden Rule?
