Accounting rule convergence is dead. I know it. You know it. Hans Hoogervorst knows it. […]
Category: IFRS
Oh God, The IASB Is Humiliating Itself with Some Sort of IFRS-only Cool Treehouse Club Idea
Once upon a time, a few people got together and decided that we'd all be […]
Here’s a Video Game That Features an IRS Agent Fighting Alligators and Zombies While on the Hunt for a Missing Tax Form That We Thought You Should Know About
For you overgrown adolescent boys out there looking for your next gamer challenge and Madden […]
Why Is the CPA Exam Testing IFRS If Even the AICPA Says We Won’t Use It For at Least Five Years?
Speaking at the AICPA EDGE Conference in Orlando last week, the AICPA's Greg Anton said […]
Europe Finally Resorts to Making Empty Threats Over U.S. Stalling on IFRS
The foot-dragging by the SEC over IFRS is a sight to behold. At some point […]
Center for Audit Quality Feeling Unsatisfied After SEC’s IFRS Work Plan
Cynthia Fornelli & Co. appreciate the effort by the SEC but would have appreciated a little […]
Here’s the SEC’s Final Report on a Work Plan for Global Accounting Standards
Nothing like dropping this on everyone at 6 pm. On a Friday. In the middle […]
New Hans Necessary If IASB Really Wants IFRS Implemented
This is the fourth installment of our Going Concern freelancer submissions. The following is by […]
From the Sounds of It, Small Companies Better Learn to Love IFRS
SEC Chief Accountant James Kroeker is "hopeful" that the SEC can figure something out re: […]
SEC Needs More Time to Get Their Heads Around IFRS
A recommendation on whether U.S. companies should switch to international accounting rules will take a few more months, the Securities and Exchange Commission’s chief accountant said Monday. The SEC’s staff had been expected to make a recommendation by year-end on whether U.S. companies should adopt the global rules, known as International Financial Reporting Standards. But the staff needs “a few additional months” to complete its work, SEC Chief Accountant James Kroeker said. [WSJ]
IASB Chairman: Convergence Is So Over
“The simple truth is that when you have two independent, highly competent boards, sometimes they will agree with each other, and other times they will not,” he said. “It’s not that one is right and the other wrong; they just reach different conclusions. The same would be true if I were to split my board in two and ask them to consider 10 projects. I doubt each smaller board would reach identical conclusions on all 10 projects, so convergence would require compromises to be made. Convergence therefore does not always result in the highest quality outcome. It has served its purpose, but now it is time to move on. [AT]
Hans Hoogervorst Would Like You to Look at the Example Brazil Is Setting
If anyone over the SEC needs a little help getting their heads around how to best get on board with IFRS, H-squared has found a prize pupil for you to emulate:
Addressing a conference in Sao Paolo, the former Dutch finance minister used Brazil as a “textbook example” of how best to implement global accounting standards. Hoogervorst […] praised the country’s full adoption and decision not to “tweak” the standards, saying this means global investors are “entirely comfortable” Brazilian companies’ financial statements.
Hoogervorst: Brazil embodies ideal IFRS adoption [Accountancy Age, Earlier]