CPA Observation Post

The world waits for the U.S. to decide on IFRS (via @NYTimes)

The Securities and Exchange Commission was expected to make a decision about U.S. adoption of International Financial Reporting Standards at the end of the last year. That decision was postponed and there is talk that it could be delayed even longer. Europe and other parts of the world are growing impatient with the lack of a clear deadline. Read More>>

Grant Thornton CEO Chipman Sees IFRS Decision Coming (via @AccountingToday)

With the G-20 finance ministers having given accounting standard setters a new deadline of mid-2013 to get their convergence work done, the Securities and Exchange Commission is under fresh pressure to reach a decision on incorporating International Financial Reporting Standards into the U.S. financial reporting system. Read More>>

SEC's rule-writing pace slows for Dodd-Frank Act

The five members of the Securities and Exchange Commission have not met in the past four months to propose or approve rules mandated by the Dodd-Frank Act. Chairman Mary Schapiro called the slowdown a "natural lull" after an initial wave of proposals. "It's easier to propose rules than it is to adopt them," Schapiro said. Read More>>

To heighten focus on risk, PCAOB proposes "related parties" standard (via @AICPA_JofA)

The Public Company Accounting Oversight Board is seeking public comment on a proposed standard on related parties and proposed amendments on significant unusual transactions. The moves are designed to improve focus on certain areas of risk. The board also proposed amendments to its rules and forms to apply them to auditors of Securities and Exchange Commission-registered brokers and dealers in accordance with the Dodd-Frank Act. Read More>>

SEC chairman says U.S. won't be rushed into IASB rules

Mary Schapiro, chairman of the Securities and Exchange Commission, said the U.S. won't be rushed or forced into adopting international accounting standards. "I don't feel any pressure at all to go along with anybody," Schapiro said. "I feel pressure to do the right thing for U.S. markets and U.S. investors." More than 100 nations use the International Accounting Standards Board's accounting rules. Read More>>

SEC official prepares proposal for switching to IASB rules

James Kroeker, chief accountant at the Securities and Exchange Commission, said he is optimistic about moving toward international accounting rules, which are used by more than 100 countries. Kroeker said he plans to propose soon to commissioners how the U.S. can switch to International Accounting Standards Board rules. Read More>>

Study predicts better earnings if IFRS is mandated in U.S.

U.S. public companies could get an earnings boost if the Securities and Exchange Commission mandates the use of International Financial Reporting Standards, according to a study by accounting professors at the University of Windsor and the University of Auckland. Read More>>

SEC sees progress in filing of interactive financial statements (via @AccountingToday)

Filers are making progress in their use of eXtensible Business Reporting Language in financial documents, the Securities and Exchange Commission found in its latest review of Interactive Data Financial Statement submissions. Still, the SEC's review of second-quarter 2011 filings found room for improvement in certain areas, such as the formatting of statements, negative values, use of unnecessary extensions and the completeness of the tagging. Read More>>

SEC Postpones IFRS Decision (via @AccountingToday)

The Securities and Exchange Commission will delay its eagerly anticipated decision for a few more months on whether or not to incorporate International Financial Reporting Standards into the U.S. financial reporting system. Read More>>

IASB Wants ‘Clarity’ from SEC on IFRS Decision (via @AccountingToday)

International Accounting Standards Board chairman Hans Hoogervorst said that regardless of which way the Securities and Exchange Commission decides to go on supporting International Financial Reporting Standards, the main thing that is needed from the U.S. right now is "clarity." Read More>>