It sounds as though Hans Hoogervorst may have had an epiphany last night. Hoogervorst is the current IASB chairman. He explained his latest findings to the Basel Committee in Brussels:

It’s “extremely risky to have a capital regime which says for certain types of assets you don’t need to put aside any capital..."

It is very encouraging to see these important issues being addressed by international accounting standard setters. Perhaps next week we will learn whether there are any risks attached to derivatives and exchange-traded funds. Stay tuned...

this just in...

Did this really happen? I'm reading a tax case and the all of the sudden the judge quotes 2 Corinthians 3:6. That's probably not a big deal to any of you, but it was very refreshing to me! After reading pages and pages of this stuff it's great to be reminded that the spirit giveth life! Hallelujah! Anyway, here goes...

General. Section 111 provides that income attributable to the recovery during any taxable year of bad debts, prior taxes, and delinquency amounts shall be excluded from gross income to the extent of the 'recovery exclusion' with respect to such items. The rule of exclusion so prescribed by statute applies equally with respect to all other losses, expenditures, and accruals made the basis of deductions from gross income for prior taxable years, including war losses referred to in section 127 of the Internal Revenue Code of 1939, but not including deductions with respect to depreciation, depletion, amortization, or amortizable bond premiums. The term 'recovery exclusion' as used in this section means an amount equal to the portion of the bad debts, prior taxes, and delinquency amounts (the items specifically referred to in section 111), and of all other items subject to the rule of exclusion which, when deducted or credited for a prior taxable year, did not result in a reduction of any tax of the taxpayer under subtitle A.

This opinion represents the views of the majority and complies with existing law and decisions. However, in the writer's personal opinion, it produces a harsh and inequitable result. Perhaps, it exemplifies a situation "where the letter of the law killeth; the spirit giveth life." The tax-benefit concept is an equitable doctrine which should be carried to an equitable conclusion. Since it is the declared public policy to encourage contributions to charitable and educational organizations, a donor, whose gift to such organizations is returned, should not be required to refund to the Government a greater amount than the tax benefit received when the deduction was made for the gift. Such a rule would avoid a penalty to the taxpayer and an unjust enrichment to the Government. However, the court cannot legislate and any change in the existing law rests within the wisdom and discretion of the Congress. ALICE PHELAN SULLIVAN CORP. v. U.S., Cite as 20 AFTR 2d 5137 (381 F.2d 399), 07/20/1967 , Code Sec(s) 111 

Deal of the Day

Just ordered a shirt from Thomas Pink. I decided to go with the double cuff because it was $160 cheaper than the button cuff. (See below). Also, Charles Tyrwhitt is having a sale. I bought a few shirts from them also, but they were more expensive.

Chanting

Tonight I'm studying for a corporate tax exam, which is on Thursday. I would love to give you a brief overview of what we are covering, but I don't have time. Anyway, sometimes when you are studying it helps to chant. By that I mean, quickly shout cliche buzzwords in a strict, rigid fashion. You have to do it fast and with emphasis. Like this...

goals! deliverables! productivity! incentives! deadlines! focus! stamina! objectives!

It's very therapeutic.

La Blogotheque

Gaspar Claus & Pedro Soler | Alegria | Live at La Gaité Lyrique from La Blogotheque on Vimeo.

* La Blogothèque never fails to impress me. Vincent Moon's Take Away Shows's are incredible; the cinematography fits their music very well. Actually a lot of indie groups get exposure here, and usually if La Blogothèque does a take away show it means you can expect to see that band on All Music Considered within a month or so. That's my take. Enjoy. 



Gaspar Claus & Pedro Soler | Petenera | Live at La Gaité Lyrique from La Blogotheque on Vimeo.

sometimes i study

How lovely is Thy dwelling place

  

How blessed are those men indeed!
	Trusting in Thee they are made strong;
	Highways to Zion in their hearts,
	The way they care not, rough or long.

Ministry Excerpt: Have I been built?

As saved ones, we all admit that once we were clay but that we have become stones because of the Lord’s salvation. However, it is not enough simply to be stones; we still need to be built. No doubt, we are living stones, but a question remains: “Have we been built?” This is a serious question. If we have been built, then we, as stones, cannot be independent. Instead, we need to be dealt with and joined together with other stones.

Brothers and sisters, we must ask ourselves, “Have I been built? Am I connected with others? Am I in coordination with others? Or am I a stone, independent and isolated?” 

Brothers and sisters, in these last days God intends to recover this matter. God wants to recover not only the ground and the testimony of the church but also the building of the church. Whoever receives grace and mercy will bow his head and say, “Lord, have mercy on me, and have mercy also on my brothers and sisters. Build in us.”

On this earth who is not toiling or burdened?

No introduction is necessary for these two paragraphs, except to say that I realized today how much I have been toiling this week. So many frustrating situations beckon us daily to heed those simple words, "Come to me..." These lines of ministry come from The God-man Living,  by Witness Lee. This is surely the highest exposition of the gospels I have ever read. Anyway, I'll be in a coffee shop for maybe the next 6 hours, studying for an IFRS exam and writing a memo for a tax research class.  This is just a quick study-sabbatical. Anyway, here's the quote...

Who can tell me what this represents?

Get the answer, just around the corner...