[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…
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…
Pre-eminent: "surpassing all others" (Compact Oxford English Dictionary); "having paramount rank, dignity, or importance" (Merriam-Webster's Online Dictionary). I have interrupted composing a post that will solve all of the problems of securitization accounting to bring you this: my latest discovery…
The issue I'm going to focus on is one that has been on everyone's mind for the last few months, although in a somewhat different context: the price of oil. The SEC has issued proposed rulemaking release No. 33-8935, Modernization…
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…
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.…
On May 14, 2008, the SEC voted to propose its long-awaited XBRL rule, requiring companies to provide the information contained in financial statements, notes and accompanying schedules in a format amenable to interactive search and analysis. The XBRL data tag information would…
Coming on the heels of accusations that the SEC is trending toward less vigorous enforcement against financial reporting violations, the SEC published here and here its settlements with the two Arthur Andersen partners that planned and supervised the 2001 audit…
The SEC has been one of the most prominent and well-respected of federal agencies during most of its history. Strict adherence to a focused mission on disclosure in regards to the regulation of financial reporting by public companies has been…