The SEC has finally conceded that its efforts to adopt IFRS have failed. Damage control has begun in earnest, but the ship is still taking on water. The SEC took a tentative poke at the problem last May with the publication…
If IFRS incorporation is supposed to be some fantastic opportunity for achieving one set of accounting standards worldwide, then why was no one at the SEC's Roundtable on IFRS jumping for joy at the prospect? You would think that someone, anyone,…
This is a short follow-up to yesterday's post on the upcoming SEC Roundtable on International Financial Reporting Standards. As I feared, the agenda is not even on the same planet as the core questions, indicating ever more strongly that the…
I'm looking forward to the SEC's July 7th IFRS Roundtable like surgery without anesthetic. Perhaps the SEC feels much the same, as notification was only posted to its public calendar of upcoming events within the last day or two –…
The following is more (see my earlier post) from PCAOB chair Jim Doty's June 2nd speech, describing an auditor's failure to correct an accounting misstatement that was "galling in its simplicity": "PCAOB inspectors found at one large firm that an…
I am trying hard to be optimistic, but there are more than a few indications that a Senate investigation of the accounting profession's role in the economy – which began last week with a two-hour hearing by the Subcommittee on…
The Senate Subcommittee on Securities, Insurance and Investment has announced that it will meet this Wednesday to conduct a hearing entitled "The Role of the Accounting Profession in Preventing Another Financial Crisis." "The witnesses on Panel I will be: Mr.…
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…
I predict that 2011 will be a year full of sound and fury, but signifying nothing to advance the cause of high quality financial reporting. You can take it to the bank – by which I mean any one of…
Last February the SEC announced, that their IFRS Roadmap had morphed into a "staff work plan." The staff was supposed to publish its first progress report sometime in October, and wouldn't you know, it was posted to the SEC's website…