FEI

As we previously reported, Rep. Ed Perlmutter (D-CO) introduced a bill earlier this year (HR 1349), which would create a Federal Accounting Oversight Board (FAOB). More recently, Rep. Gary Miller (R-CA) proposed an amendment to create a Financial Reporting Forum (FRF). The two legislative initiatives vary in terms of how much oversight power the recommended bodies would have over the FASB.

Earlier today, the Committee of Sponsoring Organizations of the Treadway Commission (COSO) released a 24-page thought paper entitled Strengthening Enterprise Risk Management for Strategic Advantage. The new thought paper follows the release in October of a four-page thought paper entitled, Effective Enterprise Risk Oversight: The Role of The Board of Directors.

Earlier today, the House Financial Services Committee approved an amendment that would exempt small public companies from the provisions of Sarbanes-Oxley Section 404b. The Garrett/Adler amendment, offered by Rep. Scott Garrett (R-NJ) and Rep. John Adler (D-NJ), was approved in the HFS Committee today by a vote of 37-32, as part of the Investor Protection Act (IPA). The Committee voted in turn, by a vote of 41-28, to approve the IPA.

This week is stacking up as a big one on the global accounting convergence front, with FASB Chairman Robert Herz calling on Wednesday for 'retripling' the two boards' efforts toward meeting their 2011 convergence target established in the FASB-IASB MOU. Herz’ remarks were reported by BNA's Steve Burkholder in IASB, FASB to Meet Monthly, Plan Aligning Schedules, Substance of Instruments Rules (BNA sub req’d).

As the SEC prepares to "speak a little later this fall about what our expectations are with respect to IFRS" (SEC Chairman Mary L. Schapiro, Sept.