FEI

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.

Yesterday, PCAOB Acting Chairman Dan Goelzer told the PCAOB's Standing Advisory Group: "We are embarking on a new phase in standard-setting, [with] a very ambitious standard-setting agenda in the coming year, focusing on some nuts and bolts issues, particularly issues our inspection program has highlighted where standards could be improved or modernized." He added, "In the coming months, we are likely to see more activity with more impact on financial statement auditing than any similar period in the board's existence."

(Oct. 2, 2009) Earlier today, the U.S. Securities and Exchange Commission issued a press release announcing that its study on the cost-benefit of internal control reporting under the current rules of the SEC and PCAOB implementing Sarbanes-Oxley Section 404 has been published.

Earlier today, the Public Company Accounting Oversight Board issued a report on the first year of implemenation of Auditing Standard No. 5 (AS5), An Audit of Internal Control Over Financial Reporting That is Integrated With An Audit of Financial Statements. (PCAOB press release http://www.pcaobus.org/News_and_Events/News/2009/09-24.aspx ; PCAOB report http://www.pcaobus.org/Inspections/Other/2009/09-24_AS5_4010_Report.pdf .) As noted in PCAOB's press release: