I love those New Jersey CPAs but I'm pretty sure if I saw this in my mailbox, I would kill it before it lays eggs.
The diversity profiles are actually a good read so please don't let the weird cover scare you off, check it out here.
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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]
The Knighted One Keeps His Promises
Sir David Tweedie and his fellow non-knighted wonks have released IFRS 9, Financial Instruments today to much anticipation. For those companies that were chomping at the bit, you can adopt pronto but nothing is mandatory until the end of 2012.
You got to hand it to Tweeds. The BSD at the G20 demanded that the IASB take another look (read: change) at this fair value thing ASAP and he delivered, AS PROMISED:
We have delivered on our commitment to the G20 and stakeholders internationally to provide an improved financial instrument standard for the classification and measurement of financial assets for use in 2009. Benefiting from unprecedented levels of consultation with stakeholders around the world, the IASB has made significant changes in its initial proposals to improve the standard, provide enhanced transparency and respond to stakeholder concerns.
Very impressive, so the ball is your court, Norwalk. You better get off your asses and come up with something good because none of you have knighthood and we haven’t seen much evidence of your re-quadrupled efforts. We already know that you’re talking Plan B but give us something, anything. You’re worried about Congress, sure but the Europeans are making you look bad. Is there any American knight-ish equivalent that Bob Herz could get that would help give him a boost in confidence?
If you’ve got suggestions, leave them in the comments. We’re at a total loss.
IASB completes first phase of financial instruments accounting reform [IASB Press Release]
New fair value standard rushed out by IASB [Accountancy Age]
Swiss Gov’t: You Want the Names? You’ll Have to Waterboard Us.
With only days until a showdown between the IRS and UBS, the Swiss Government has announced that it will stop the release of the 52,000 client names even if the U.S. Court orders the names to be released.
Now before you say, “Oh, Swiss Government, you’re so cute with your braided blonde hair and neutrality,” they sound pretty serious:
“Switzerland makes it perfectly clear that Swiss law prohibits UBS from complying with a possible order by the court in Miami to hand over the client information,” the Swiss Justice Ministry said. “On the basis of the Federal Council’s landmark decision, UBS will by no means be in a position to comply with such an order.” The Finance Ministry added that “all the necessary measures should be taken to prevent UBS from handing over the information on the 52,000 account holders demanded in the U.S. civil proceeding.”
We really feel that a few Toblerones would really go a long way to convincing the IRS that the names aren’t really that important. Just say the word IRS and we’re sure that they can make it happen.
Switzerland: Will Block UBS From Giving U.S. Client Data [WSJ]