The PCAOB is a (Necessary) Pain in the Ass(ets)
Ed. note: this is unconventional even for us as we usually don't hand over the soapbox to trolls but in this case, it seemed fitting as Big4Veteran has been waiting YEARS for us to publish the last thing he submitted to us while graciously throwing down his "wisdom" in the comment section just as long. […]
SEC Meeting on Roadmap Will Likely Lead to More Meetings on Roadmap
We hope! Remember how James Kroeker said how the Commission was “turning our focus back to the proposed roadmap”? No? Well, he did. And apparently he was serious because the SEC is having a meeting tomorrow about said roadmap. The whole time we’ve been reading about this map to godknowswhere, we just figured it was a figment of our imagination.
But a meeting! A meeting to decide whether or not the SEC will publish a statement! That’s somewhat encouraging, isn’t it? Here’s exactly what’s on the docket for the Sunshine Act Meeting:
“The Commission will consider whether to publish a statement regarding its continued support for a single-set of high-quality globally accepted accounting standards and its ongoing consideration of incorporating International Financial Reporting Standards into the financial reporting system for U.S. issuers.”
Okay, so if we’re reading this right, this particular sit-down will be to decide whether or not the Commission will put out an official statement regarding global accounting standards and if IFRS is good enough for us here in the US of A. Since everyone seems to be doubting the SEC’s ability to play nice with the rest of the world on the whole issue, they figured a hippie-ish sounding meeting should help calm everybody down.
We can only foresee two outcomes from this meeting: 1) the SEC decides that they will publish a statement (after more meetings) and give an approximate date that the statement will be released and it will be delayed for an indeterminable amount of time, or 2) the Commission decides it will not publish a statement that the IASB can take its self-righteous double-entry accounting attitude back to London-town and we’ll just do whatever the hell we want. THE END.
SEC to Meet Wednesday on IFRS Roadmap [Web CPA]
SEC considers reaffirming commitment to global standards [Accountancy Age]