On January 22, 2009, CNBC’s Charlie Gasparino broke the story that Merrill Lynch spent $1.2 million in office renovations and decor for John Thain’s executive suite.  The news shocked corporate governance hawks and everyday Americans.  But for savvy corporate real estate professionals, the profligacy is amplified by understanding the modest scope-of-work and complete lack of project controls, both evidenced by the ML internal documents obtained by CNBC.
Among the plain excesses are:

In its Autumn 2008 Survey of CRE managers, London-based GVA Grimley reports significant pessimism and plans for portfolio contraction across the board, particularly in leisure (hotels & restaurants), retail, and financial services sectors. 
Among the findings, personnel cuts have left 50% of the corporate real estate users with surplus property, and 40% sitting on completely vacant sites.  Rather than hold the space for better times (e.g. subleasing), a strong C-level emphasis on cost control

GAAP-compliance for corporate real estate is an ongoing struggle for many firms. This article includes links to help understand FASB guidelines.