When accounting goes unaccounted for
Kroeker reiterated earlier statements that he and SEC Chair Mary Schapiro had made, indicating the SEC was turning its attention this fall to the proposed IFRS roadmap. When asked about the date, Kroeker said, “There will be follow-up on the roadmap this fall.” Asked to define the word “fall,” he noted that the season ends on Dec. 21.
Fall ended at 12:47 pm EST today. Anyone seen this map?
Servants of the capital markets, in your day to day activity have you been thinking about the investors out there that depend on you? What they need? What they want? Do you really know them? If not, the Chief Accountant would like you to start, pretty please:
Securities and Exchange Commission Chief Accountant James L. Kroeker told leaders of the accounting profession that independent auditors will be expected to consider the interests of the “investing public” — not just their audit clients — when performing their duties.
The mission of his office will be to “put investor protection at the forefront in all that we do,” he said in an address to the American Institute of CPAs’ National Conference on SEC Developments.
Under his watch, “you are likely to notice we will be more proactively seeking to understand and discuss the views of investors.” Accountants “should not be surprised when we ask you whether you have considered the perspective of the investing public.”
He does think that majority of you are a-okay and “are honest hard-working professionals who simply want to ‘do the right thing,'” but dang it, are you sure you’re thinking about investors? All the time? Like, right this second? That’s your job, you know. The OCA just wants to jump your shit remind you.
And if you’re not thinking about investors, you’ll be dealt with professionally but don’t confuse that with a regulatory rollover. Expect something more along the lines of wishing you were never born:
“You should not confuse professionalism with a notion of leniency. Those who fail to live up to their responsibilities and those who cause harm to investors or our capital markets can expect that we will take appropriate action.”
Got it? The SEC dream team will deal with you that don’t start taking this shit seriously. You see those crazy-eyes? You think he’s joking? Now get back to it, with investors on the brain.
SEC Chief Accountant Tells CPAs to Consider Investors [Web CPA]
For the love of everything that is good and holy, would someone like to be the FASB Chairman? Or the Chief Accountant of the SEC?
We realize that they’re both thankless jobs but we need people in there that are going to make some things happen.
After Jim Kroeker said this:
“[T]he boards have agreed that the projects that they’re working on are areas that need improvement, not just under U.S. GAAP but under IFRS, then I think convergence efforts should continue or would continue without an SEC finalization of the roadmap,”
Bob Herz is now saying this:
“[T]he ball is mostly with the [SEC] at this point” … Herz noted the SEC has yet to rule on the “roadmap” for U.S. compliance with IFRS it proposed a year ago.
So, let’s get this straight: JK is said, “You go first.” Now Bob Herz is saying, “No, you go first.” Does anyone want to introduce these two clowns? Are they waiting for knighthood before they move on this?
We suggest that somebody toss Mary Schapiro in there to A) complete the trilogy of stooges and B) so she can bonk their heads together. That might get them motivated.
Herz: U.S. Convergence Ball Is in SEC’s Court [CFO]
Remain calm IFRS fanboys and girls. You’re probably sick of our piss-poor attitude with regard to progress on anything remotely related to accounting rule convergence.
Well now you can tell us to suck it as the better-late-than-never anointed Chief Accountant, James Kroeker because he, “assured a roomful of accounting experts that the roadmap is on track,” according to CFO.
Continued, after the jump
We’ll give Kroeker credit for not using the economic crisis as an excuse like every other talking head or bureaucrat in the universe. No, his turning the tables, “Kroeker noted that the crisis may have, in fact, underscored the importance of IFRS. That’s because the discussions related to the credit crunch were global in scope, as were the responses and potential solutions, he added.”
Small issue: Kroek did admit is that even though a few companies could probably be coverted by 2011, most wouldn’t be required to do so until 2016. That’s all very nice but we’re sure we’ll all be driving flying cars by then.
Global Standards Alive and Kicking, SEC Accounting Chief Says [CFO]