“U.S. GAAP is founded upon principles, that’s what the P is supposed to stand for.” – SEC Chief Accountant James Kroeker arguing at a Pace University IFRS discussion that GAAP is just as principles-based as IFRS.
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Quote of the Day: No Ponzi Scheme Bailouts | 03.11.10
- Caleb Newquist
- March 12, 2010
“[I]t is hard to justify giving special compensation to the investors of Mr. Madoff and Mr. Stanford just because they lost significant amounts of money with little prospect of any recovery.”
~ Peter J. Henning, on Madoff and Stanford victims lobbying members of Congress for a law that would compensate them for some of their losses.
Quote of the Day: So We Should Expect That SEC Filing Any Day Now? | 02.08.10
- Caleb Newquist
- February 9, 2010
“In my opinion, KPMG will resign the engagement if there is reason to doubt management integrity, and will not be rushed into issuing an audit opinion by NASDAQ-listing deadlines needed to avoid Overstock.com becoming a Pink Sheet or Bulletin Board stock.”
~ Howard B. Sirota, former lead counsel in Crazy Eddie class action suits
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]