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Who Among Us Considers the IASB a “Success Story”?

Count IASB Vice Chairman Ian Mackintosh as one.

Ian Mackintosh called the IASB a success story, saying global standards are now accepted in more than 120 countries and high-profile non-signer the US will make a decision later this year.

A high-profile non-signer who increasingly sounds pessimistic about the whole exercise. Oh! India and Japan aren’t sold either. Sounds like a winner, doesn’t it?

Investors: IFRS unfit for purpose [Accountancy Age]

SEC Intends to Take All the Time It Needs to Make Up Its Mind on IFRS

So any retiring knights out there feeling anxious can just cool it. And rubbing elbows with Deloitte talking about how great things will be isn’t going to make the Commission work faster.

That being said, Jim Kroeker will have you know that things are going along swimmingly, per the Commission’s press release:

“The staff has invested significant time and effort in executing the Work Plan, and we’ve made great progress to date,” said SEC Chief Accountant Jim Kroeker. “This progress report emphasizes the importance of transparency in the staff’s activities, and can help the public’s understanding of the magnitude of this project and the staff’s progress.”

So make no mistake; the SEC is on this. However, they do have some concerns, “[W]hether the international accounting rule maker is truly independent and whether IFRS is high quality.”

So if you could address those two things, that would be appreciated. Sir David.

Hans Hoogervorst Doesn’t Want the U.S. to Worry Its Pretty Little Head About Losing Influence Over Accounting Rulemaking

Hoogervorst said U.S. sovereignty would be protected by the SEC having a final say before any IASB rule is introduced. “Such endorsement mechanisms provide an important ‘circuit breaker’ if the IASB produced a standard with fundamental problems for the United States,” Hoogervorst told an accounting conference. The SEC would remain in full control of enforcement. “So there is absolutely no danger of importing different enforcement standards from abroad into the United States,” the former Dutch finance minister added. [Reuters]