Tuesday, May 28, 2013

Other people say smart stuff, too - Part XXXVIII

Keith Riler recently wrote a column in American Thinker. The column, "Obama's Shrinking Unit of Account," paints a devastating portrait of Barack Obama and his reduced accountability -- using Generally Accepted Accounting Principles (GAAP). The "unit of account," according to Riler, is a GAAP concept that refers to an entity for which results can be clearly distinguished and accountability logically required.  It might be an operating segment, a reporting unit, the whole company, or all of the above.  Whether a company comprises one unit of account or several, in the business world, executive management is responsible for them all."

For example, in 2008 when Obama connected himself with "receding oceans," his unit of account was the whole planet. When Michelle Obama said, after her husband was elected, "for the first time I'm proud of my country," that was a national unit of account.

Read Riler's article to see how small Obama's "unit of account" is in connection to Benghazi, the IRS, etc.

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