Here is a summary of Chief Accountant James Schnurr’s recent remarks regarding IFRS: Despite having been a national office partner at Deloitte, and being closely involved with the firm’s promotion of IFRS, he still needed to spend a considerable amount…
The Mary Schapiro era at the SEC is coming to an end without, despite herculean efforts, having moved the ball forward on IFRS convergence. The final denouement was the departure of Chief Accountant James Kroeker on the day before the…
If you want to appreciate the political circus masquerading as "due process" in accounting standards setting, I recommend that you read two recent documents. The first one is the CFA Institute's stinging 39-page comment letter* on the IASB's hedge accounting…
It is said that big surprises come in small packages. Last week's "small package" was a brief article in the AICPA's online edition of its Journal of Accountancy, reporting that its own Financial Reporting Executive Committee (formerly the Accounting Standards…
It is my pleasure and privilege to provide you with an original essay from someone else besides yours truly. Michael Pakaluk received his A.B. and Ph.D. in philosophy from Harvard University, and has taught at Clark, Brown and CUA, among…
I can't cite chapter and verse for this, but experience tells me that there is a cardinal rule for IASB and FASB members that goes something like this: 'If you can't say something nice about board deliberations, then don't say…
I had believed that one of the few positives to come out of the wave of accounting scandals that broke at the beginning of the just-completed decade would be a general awareness of the critical role that financial reporting and…