“I don’t think the SEC’s culture is one that will make this effective one iota,” said Sherron Watkins, a one-time vice president at Enron, referring to expanded protections for whistleblowers included in the Dodd-Frank financial reform law. If she was in the same situation today as 10 years ago, when Watkins approached government authorities about accounting fraud at Enron, she would probably instead take her information to an organization like WikiLeaks, Watkins said. [Paper Trail]
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Imagine a Future Free of Questions on Revenue Recognition
- Caleb Newquist
- June 25, 2010
“It is an important step towards a single global principle-based standard that would make it absolutely clear when revenue is recognised-and why.”
~ Sir David Tweedie is pretty happy with how the converged revenue recognition standard turned out.
Quote of the Day | 01.28.10
- Caleb Newquist
- January 29, 2010
“Bernanke fiddled while our markets burned”
~ Richard Shelby, Republican Senator from Alabama during the Senate debate on Ben’s second term as Fed Chairman.
IFRS: Four. More. Years.
- Caleb Newquist
- December 7, 2010
Comments reflected “a lot of unanimity around, if we go in this direction, allowing sufficient time for companies to adjust,” said Schapiro in a question-and-answer session following her keynote address to the American Institute of Certified Public Accountants’ national conference on accounting and auditing issues for public companies. “It’s likely to be a minimum of four years,” but that’s still a point for the SEC to decide, she said, assuming it decides to incorporate IFRS into U.S. capital markets. [Compliance Week]