IFRS Convergence: Let’s Play ‘Chief Accountant for a Day’!
When I was at the SEC (1992 – 93), one of the senior staff members whom I admired greatly for his competence and integrity was Robert Bayless, the Chief Accountant for the Division of Corporation Finance. ("Corp Fin" is the…
Is the Judiciary about to Give the SEC a Backbone?*
I have long been frustrated by the SEC's practice of settling cases of financial misconduct without making the defendants admit to the allegations. That policy gives a defendant a significant economic incentive to settle with the SEC, because one who…
Repo Accounting: After Lehman, another Debacle was Just a Matter of Time
Last January, as the FASB proposed closing that 'Lehman loophole' in repo accounting while leaving three other loopy conditions to be met for "sale accounting" intact, I predicted that it would just be a matter of time for history to repeat…
What Should “Investor Protection” Mean to Accounting Standards Setters?
If you were to ask a financial regulator what 'investor protection' means in the context of accounting standards, the textbook response will have something to do with ensuring that investors have enough information to make informed investment and voting decisions.*…
More SEC Reports on IFRS Coming: Will they be Genuine Analysis or Just More Dithering?
The minutes of the latest meeting of the SEC Staff with the CAQ SEC Regulations Committee provide an indication of what may be coming soon on the IFRS adoption front: "Jill Davis [Associate Chief Accountant in the Division of Corporation…
Will the SEC Sneak IFRS in Through the Back Door?
I have been hearing rumors that the SEC is getting ready to come out with its IFRS adoption plan any time now. Richard Breeden, a distinguished former SEC chair, and now the head of a $2 billion international investment fund,…
The PCAOB Should Name Names – All of Them
Yesterday's blog post from Jim Peterson (Re:Balance) excoriated the PCAOB for proposing to require audit firms to disclose the names of the responsible engagement partners. Jim claims that the PCAOB is wasting its time: the name of the engagement partner…
Why Do Accounting Academics Blog Less Than Other Academics?
I'm honored to have been selected to give the keynote speech at the American Accounting Association's Northeast Region Meeting. I'm on right after breakfast on Friday, October 28th. As you might have guessed, the topic I have been asked to…