As I mentioned in a previous post, PCAOB member Charles Niemeier delivered a tour de force critique of U.S. efforts to adopt IFRS, at a recent New York State Society of CPAs (NYSSCPA) educational event. To its credit, the NYSSCPA's…
[Click here for the 2012 version.] Now that the SEC has proposed its "roadmap" for jettisoning US GAAP in favor of IFRS, critics are finally starting to build momentum. Charles Niemeier, outgoing PCAOB board member, delivered a brilliant critique of the SEC's…
Earlier this month, Compliance Week published an article entitled, "Related-Party Transactions Bane of China's IFRS." I had been generally aware that China's eagerness to fully embrace IFRS had been tempered by its reluctance to furnish the required related party disclosures…
With the SEC's publication of their proposed roadmap for the U.S. adoption of IFRS, all of the press coverage I have been reading has focused on the big picture. (As usual, Floyd Norris's is among the best.) But in the…
A couple of posts ago, I wrote about the SEC's project for revamping the reserves disclosures made by oil and gas companies. In particular, I focused on appropriate prices to be used for measuring the value of recognized reserves. Notwithstanding…
On July 9, 2008, in Washington, DC, the SEC hosted a roundtable "to facilitate an open discussion of the benefits and potential challenges associated with existing fair value accounting and auditing standards." The roundtable was webcast and lasted about four…
I had a pleasant back and forth correspondence with one my readers a few weeks ago. Carlomagno, as he called himself (I don't know his true identity), is a proponent of IFRS; and like me, he is of the opinion…
(I apologize to anyone who has read an earlier version of this post. Due to a problem with my blogging software, it was not sent out to subscribers. Therefore, I am re-posting it.) First, the Mea Culpa Over the year…
In my previous post, I described how an SEC honcho, while speaking to the choir at an event sponsored by FEI, espoused his version of faith-based accounting; though he could not provide a single, solid reason to explain why the U.S.…
John White, Director of the SECs Division of Corporation Finance, gave a speech at Financial Executives International Global Financial Reporting Convergence Conference last week (June 5, 2008). In no uncertain terms (and with apologies in advance for the bad pun),…