The old adage says the devil's in the details - and some might say that holds true for pension accounting, too.
"Wiley GAAP 2003," a 1,168-page guide through the minefield of arcane accounting rules that's published by John Wiley & Sons Inc., looks like pretty humdrum stuff.
But apparently a lot more is going on beneath its modest cover. As one eagle-eyed pension expert recently observed, the book's chapter on pension accounting starts on page 666 - a sign, he pointed out, of Satan's involvement.
That's good news for Securities and Exchange Commission officials, who need probe no further for an explanation of double-digit pension-fund return assumptions by major U.S. corporations. However, the regulators might want to consult Max von Sydow before pursuing the matter any further.