Another Great Selling Blog Post against IFRS

IFRS.  IFRS.  I do not like thee, IFRS. The debate over U.S. adoption of IFRS (International Financial Reporting Standards) has died down in recent months.  This is due to three reasons, I think.  First, the FASB and the IASB have declared that further progress toward convergence is no longer possible.  The respective board members simply [...]

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When IFRS?

In December, 2011, Leslie Seidman (FASB), and Hans Hoogervorst (IASB) declared convergence between U.S. GAAP and IFRS to be at an impasse.  Chief Accountant James Kroeker said the SEC would need further study on the issue.  Since then, much has been written about the prospects for the U.S. adopting IFRS at this time. Here is [...]

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Just a Little More Time

James Kroeker, the SEC’s chief accountant, spoke to the AICPA on Monday.  He said, We remain committed to completion of a final comprehensive report on [IFRS] … the staff will need … a few additional months time to produce a final report. At the same time, the staff is in the process of developing an [...]

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Miscellany

Miscellany — interesting items that caught my eye during the week. Jonathan Weil shows why he is one of the premier journalists writing about accounting in, “Goldman Sachs Envy Gains New Meaning at Big Four.”  Weil shows several examples of the revolving door between the large accounting firms and their regulators on the PCAOB.  There [...]

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Convergence Delayed

Michael Cohn of Accounting Today on Tuesday, September 20, in “FASB Convergence Timeline Moves to Next Year,” reported, “Financial Accounting Standards Board chair Leslie Seidman said that many of the priority projects slated for convergence with the International Accounting Standards Board probably will not be settled until next year at the earliest.” Unfortunately, Seidman says [...]

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Hans Hoogervorst’s China Speech

Tom Selling’s latest on Accounting Onion is about Hans Hoogervorst, leader of the International Accounting Standards Board (the organization responsible for IFRS).  ”The Hans Hoogervorst IFRS Sales Pitch Hits the Road.”  Selling’s post further cements his reputation as the premier commentator on financial reporting and accounting standard setting politics. I do not like Hans.  Hans [...]

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Is IFRS for Criminals?

Lost sight of in the SEC push to adopt IFRS is the primary reason for adopting it.  In “IFRS Is for Criminals,” Ed Ketz and Anthony Catanach of Grumpy Old Accountants remind us. In their essay, the grumpies let it all hang out:

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SEC Roundtable on IFRS, Live Blog

Keep refreshing this page to see latest updates. This is a live blogging exercise.  If a coma sets in, as I expect, then this will be a dead blogging experience by 4:00 ET. 10:15  First, a round of opening statements. Neri Bukspan, Executive Managing Director, Standard and Poor’s.  S&P  wants everyone, including US, on IFRS. [...]

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Using IFRS to Distort Financial Statements?

In a classic example of the pot calling the kettle black, Rose Orlik of Accountancy Age (UK) reports on a British member of Parliament (MP) accusing the Royal Bank of Scotland of distorting financial position by 50%.  Her story, “MPs attack RBS’s ‘distorted’ IFRS accounting,” appeared earlier today. Surely Steve Baker MP is incorrect in his [...]

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IFRS, Whither Art Thou?

Whither is an “ever so slightly antiquated term.”  In modern English, where is used. Is IFRS an ever so slightly antiquated means of implementing global accounting standards?  Could be. There are two fascinating articles out today: “Critics unearth ‘second thoughts’ over IFRS,” by Rose Orlik of Accountancy Age “IFRS Adoption is Dead (I Think),” by [...]

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First Thoughts on Preventing the Next Crisis

The last two days have been busy, fielding calls from reporters.  One called asking my thoughts on convergence, the other asked about my thoughts on whether accounting can forestall the next financial crisis. Long time readers know what I said. Convergence of accounting standards is a bad idea.  The academic theory is that market participants [...]

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Please Pick Me!

The SEC announced today a July 7 roundtable on International Financial Reporting Standards, “to discuss benefits or challenges in potentially incorporating International Financial Reporting Standards (IFRS) into the financial reporting system for U.S. issuers.”  The complete text of the announcement is here. There will be three panels: investors, small businesses, regulators.  They will not have [...]

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