The SEC Awkwardly Reasserts its Authority
The SEC, having lost every shred of dignity it once had, is kindly reminding everyone that they are the authority on accounting rules. It sounds like the Commission is concerned that some of you might be a little confused by the new FASB Codification and just wanted to put it out there that M. Schape and crew are still the ones in charge.
Forget about any possibility of a bean counter coup that would upend the accounting rule universe. It’s not happening on Mary Schapiro’s watch.
Nevermind that it took the better part of a year to get a Chief Accountant officially appointed. The Commission was probably worried that, with all the hubbub, people may have lost some perspective, that’s all. The SEC, could torpedo this whole Codification nonsense back to the stone age, if it wanted to. Just wanted to remind everyone. Thanks.
SEC Clarifies Authority Over Accounting Rules [Compliance Week]