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…
In my first post with results of our IFRS opinion survey, I focused on three questions that indicated respondents' overall attitude towards IFRS adoption without getting too deep into the specifics. In this second and final post, I am going…
My grand plan was to write about political influences on GAAP and IFRS, which I did last week; and then to move on to the FASB's mark-to-market proposals. But having received a torrent of emails – well only four –…
It's one thing to rely on misleading financial statements and invest in a company that soon thereafter goes bankrupt; and quite another to invest in a hip replacement operation that turns out badly because your doctor had misleading information concerning…
In the previous post I listed and described the major SEC rulemaking initiatives that have come out since Christopher Cox took charge. It looks like an impressive list, but most of the improvements to financial reporting regulation have been la…
After posting my commentary on FAS 157, which took more time to put together than I'm willing to admit, I resumed reading The End of Poverty, by the Jeffrey Sachs. I just finished the chapters about his experiences in helping…
The gap between U.S. GAAP (unintentional pun) and International Financial Reporting Standards is a Grand Canyon. How could it not be so, when U.S. GAAP takes up about 25,000 pages, while IFRS is a measly 2,500? And, that doesn't tell…
Sarah Johnson of CFO.com has written a nice summary of congressional concerns about the independence and role of credit rating agencies arising out of Enron and now, the subprime loan debacle. Accounting and finance researchers have documented in numerous studies…