On Tuesday, the Securities and Exchange Commission appointed James L. Kroeker the permanent chief accountant at the agency. Many in the industry thought SEC’s Mary Schapiro would select someone with a little more resistance to IFRS. How will the industry respond to a big four Chief Accountant? And most importantly, what does Kroeker’s appointment mean for the timelines surrounding IFRS adoption?
You have an opportunity right around the corner to hear from the industry’s brightest minds regarding IFRS, mark-to-market, fair market value, and much more at this year's Pharma Financial Forum. But you need to act now and register by Friday, August 28, so you can save $200! See the brochure here.
Showing posts with label Mary Schapiro. Show all posts
Showing posts with label Mary Schapiro. Show all posts
Thursday, August 27, 2009
Wednesday, August 5, 2009
Tweedie encourages US to join IFRS
At WebCPA, they divulge that Sir David Tweedie has encouraged the United States to come up with an adoption plan for IFRS. Although Tweeide has and FASB Chairman Bob Hertz have worked closely together to weave US GAAP into IFRS, the new leader of the SEC, Mary Schapiro has not said whether or not she has approved of the latest model of the roadmap to adoption.
During the American Accounting Association's annual accounting meeting, Tweedie stated: "This is a very interesting moment for us, a once-in-a-lifetime moment. Where is the USA? That is a question I am asked all around the world. The convergence program is designed to reduce the cost of transition. FASB is riding two horses: U.S. GAAP and trying to converge at the same time, but so are we. We get a lot of criticism over the favored-nation status toward the United States. The European Federation of Accountancy Bodies has just talked about how the point has been reached where there have been diminishing returns from convergence with U.S. GAAP, particularly as more and more countries, including major economies such as Japan and India, move toward direct adoption of full IFRS, and the IASB should change its strategy and concentrate exclusively on major improvements and simplifications of IFRS for the short term. We think that’s wrong. If you’re going to have global standards, we need the U.S., but it can’t go on indefinitely. We’ve been converging for seven years. We have a timetable to finish in 2011. It’s designed to fit these major economies — Korea, Canada, Japan, India — who are converging that year. We have to finish this year.”
Read the full write up here.
During the American Accounting Association's annual accounting meeting, Tweedie stated: "This is a very interesting moment for us, a once-in-a-lifetime moment. Where is the USA? That is a question I am asked all around the world. The convergence program is designed to reduce the cost of transition. FASB is riding two horses: U.S. GAAP and trying to converge at the same time, but so are we. We get a lot of criticism over the favored-nation status toward the United States. The European Federation of Accountancy Bodies has just talked about how the point has been reached where there have been diminishing returns from convergence with U.S. GAAP, particularly as more and more countries, including major economies such as Japan and India, move toward direct adoption of full IFRS, and the IASB should change its strategy and concentrate exclusively on major improvements and simplifications of IFRS for the short term. We think that’s wrong. If you’re going to have global standards, we need the U.S., but it can’t go on indefinitely. We’ve been converging for seven years. We have a timetable to finish in 2011. It’s designed to fit these major economies — Korea, Canada, Japan, India — who are converging that year. We have to finish this year.”
Read the full write up here.
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