The PCAOB has announced Daniel Goelzer will be acting Chairman of the Board effective August 1. Goelzer brings an impressive resume with him, not to mention a sheriff-like mustache that will undoubtedly let the accounting firms know that he is not to be trifled with.
PCAOB Names Acting
Related Posts
Why IFRS is Similar to an Obscure Reality TV Program
Late on Friday we told you about the rager that the IFAC was throwing over the weekend in London and today we get the less than surprising news that they want the governments of the world to push for global accounting standards.
“According to IFAC, participants at the conference agreed that the public interest would best be served by a single set of high-quality, principles-based financial reporting and auditing standards for listed and public interest entities.”
The problem with this whole push for IFRS is that getting anyone to care about accounting rules is like trying to get men interested in the whole Jon & Kate Plus 8 drama. They’re completely clueless at first mention and when you attempt to get into the details interest is immediately lost.
Leading accountants tell governments quicken pace of global standards adoption [Accountancy Age]
Your Jailed Accountants Update
The two P. Dubs-India partners rotting in a prison because, according to them, we’re duped by the geniuses at Satyam, got their vacation extended to August 19, according to The Business Standard. We have no idea if India’s prisons are the PMITA variety but at the very least, it’s crazy-ass hot.
Hyd court extends Raju’s remand till August 19 [The Business Standard]
Sir David Tweedie’s New Promise: To Retire in 2011
Every knight lays down his sword at some point and Tweeds is no exception. The IASB Chairman will hang up his 10-key when his current term ends in June 2011.
According to Emily Chasan at Reuters, DT thought about calling it quits last year after the pols torpedoed mark-to-market in the name of bank lobbyists. Sensing that the true Holy Grail was within reach, Tweedie stayed on:
[H]e has said he stayed because he wanted to continue the convergence process, which is beginning to reach its goal of having a single set of high quality accounting standards used around the globe. The U.S. Financial Accounting Standards Board and the IASB have redoubled efforts to complete their major convergence projects by a June 2011 deadline set by the G20 group of leading countries.
Now the International Accounting Standards Committee Foundation, which oversees the board, is on the search for the next bean counter in shining armor. Since Tweeds gave plenty of notice, it won’t likely be the shitshow search like Bank of America has on its hands (until very recently perhaps) but the IASCF is searching all the corners of the world for the replacement and they need to come up with somebody good.
If they put some empty suit in there, the likes of Silvio Berlusconi will be writing the revised contingent liabilities standard. Lord knows we don’t need that. We need someone that doesn’t mind telling pols to BTFO of accounting biznass. Pols like Eddy “If you had just involved us in the monitoring of the IASB we wouldn’t be in this mess” Wymeersch, who probably couldn’t tell the difference between his ass and the basic accounting equation. Feel me, IASCF?
Now since that’s clear, if you’ve got any suggestions or purely want to speculate on who you will be in the big chair next (Tim Flynn? Mary Schapiro? Phil Mickelson? that smug guy in the cube next to you that got a 98 on FARE?) drop them in the comments.
IASB’s Tweedie to retire when term ends in 2011 [Emily Chasan/Reuters]
Trustees seek nominations for Chairman of the IASB from 2011 [Press Release]
See also: Kroeker Stresses Importance of Investors in IFRS Decision; Search Is On For Next Chairman Of IASB When Tweedie Retires in 2011 [FEI Financial Reporting Blog]