Legacy code can often be made more understandable and maintainable by extracting out selected sets of statements to form procedures and replacing the extracted code with procedure calls. Sets of statements that are noncontiguous and/or include non-local jumps (caused by gotos, breaks, continues, etc.) can be difficult to extract, and usually cause previous automatic-extraction algorithms to fai...

This paper provides a critical review of the FASB’s Statement on Objectives and of its Exposure Draft on the elements of financial accounting. First, the FASB’s statements are compared with those of the previous authoritative bodies. Little that is new and little that can be expected to aid in the resolution of accounting issues can be found in the FASB’s Statements. If the previous authoritati...

Seeing a need to refresh the current guidelines, the Financial Accounting Standards Board (FASB) proposed an update to the financial accounting and reporting model for not-for-profit entities. In a response to solicited feedback, the board is now revisiting its proposed update and has set forth a plan to finalize its new guidelines. The FASB continues to solicit and respond to feedback as the p...

_______________________________________ * We are very grateful to Patrick Honohan for his suggestions.