It seems that I was not the first to report that IFRS adoption in India could be on the rocks. Compliance Week editor Matt Kelly posted a link to their short blurb headlined "India Could Abandon Mandatory IFRS" from February…
I need to be careful here, because this is something I was told second hand: India has bailed out of IFRS. My source is a member of the Consultative Advisory Group of the International Auditing and Assurance Standards Board. He…
On Monday evening I received an email from Denny Beresford, former FASB chair (once again via the AECM listserv). Although I feel compelled to state that Denny's letter does not change my own views on the key issues, it provides much…
The feedback from my last post, The Myth of FASB Due Process…, was mixed. On the bright side, Edith Orenstein, whose comments inspired my previous post, was flattered to be "venerated," even though we disagreed. And, accounting ethicist author, Michael…
When the FASB announced last month that it was retreating from its proposal to require fair value measurement of all loans, someone identified by various media outlets as an FASB spokesperson (one Neal McGarity, whose name is not listed among…
If you want to understand the causes of the financial crisis from 25 pages instead of the 600 pages burped up by the FCIC, then read this: Understanding the Subprime Financial Crisis, by Duke Law professor Steven L. Schwarcz. I…
Darn few, if anyone who wrote about the Financial Crisis Inquiry Commission's 600-page report has anything good to say about it. Jonathan Weil at Bloomberg may have described its shortcomings as well as anyone, and he also provides a vivid example of how the…
If I may be permitted to say so myself, my principles-based solution for curing repo accounting abuses is the bomb. The off-balance sheet effects of repo accounting could be obliterated by a simple 'gross up' (i.e., separate presentation) of: (1)…
Last November, the FASB issued Proposed Accounting Standards Update 1900-100, Transfers and Servicing (Topic 860): Reconsideration of Effective Control for Repurchase Agreements: "During the global economic crisis, capital market participants questioned the necessity and usefulness of the collateral maintenance guidance…
After I left the SEC, Executive Enterprise Institute signed me up to produce and chair various SEC and financial reporting courses. Our collaboration is still going strong, and they have given me lots of exposure to guest speakers, many of…