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…
It seems that I was not the first to report that IFRS adoption in India could be on the rocks. Compliance Week editor Matt Kelly posted a link to their short blurb headlined "India Could Abandon Mandatory IFRS" from February…
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…
When the FASB announced last month that it was retreating from its proposal to require fair value measurement of all loans, someone identified by various media outlets as an FASB spokesperson (one Neal McGarity, whose name is not listed among…
If you want to understand the causes of the financial crisis from 25 pages instead of the 600 pages burped up by the FCIC, then read this: Understanding the Subprime Financial Crisis, by Duke Law professor Steven L. Schwarcz. I…
Darn few, if anyone who wrote about the Financial Crisis Inquiry Commission's 600-page report has anything good to say about it. Jonathan Weil at Bloomberg may have described its shortcomings as well as anyone, and he also provides a vivid example of how the…
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…
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…
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…