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In remarks at FEI’s Current Financial Reporting Issues (CFRI) conference earlier today, SEC Chief Accountant Jim Kroeker, appeared to indicate he would personally question whether to offer an ‘option’ for U.S. public companies to report in IFRS, vs. a firm requirement to do so over a transition period, if the SEC were to move in that direction.  Note 1: this was my take on one point raised by Kroeker; see disclaimer posted on the right side of this blog, read his verbatim quote below. Note 2:  my use of the phrase 'report in IFRS' may be an overly short-hand reference, since the more recent thinking of the SEC, as discussed in its Staff Paper on 'Condorsement' released in May 2011, focuses on the incorporation of IFRS into the U.S. financial reporting system via ongoing endorsement of IFRS by the FASB, and that concept, combined with comments filed with the SEC today by the Financial Accounting Foundation (which oversees the FASB) may - the operative term being, may - indicate a more gradual move to 'incorporating' IFRS into U.S. GAAP, perhaps lessening the potential impact of an on-off 'switch' from U.S. GAAP to IFRS.
In a comment letter filed with the SEC earlier today, FASB's overseer, the Financial Accounting Foundation, noted it has 'refined' its view on the path forward regarding reaching the goal of a set of global accounting standards, referring to the goal of  a 'single set' of standards as still being a 'worthy' goal, but emphasising that, as a practical matter, moving toward a 'common set' of standards, with IFRS as the reference point, is a more practical goal 'for the foreseeable future." Note: I talked about an apparent shift in collective references to global standards from a 'common set' - to 'one set' - and perhaps momentum back to a 'common set' - in the 'my two cents; section of a post on June 28, 2009, in which I said: 
A collaborative anti-fraud effort, launched a year ago by four organizations representing key members of the financial reporting 'supply chain,' has released the first in a set of 'tools' and programs designed to improve the deterrence and detection of financial reporting fraud. The organizations taking part in this anti-fraud effort, as noted in this press release issued on Monday, November 14, include the Center for Audit Quality (CAQ), Financial Executives International (FEI), the Institute of Internal Auditors (IIA), and the National Association of Corporate Directors (NACD). The groups formed a partnership a year ago to collaborate on projects to advance efforts to deter and detect financial reporting fraud.At a press conference on Monday, representatives of the four organizations announced the release of the first 'tool' in which input was gathered from the collective partnership: FEI's Fraud Literacy Quiz, and a related article which appears in the November issue of Financial Executive magazine, Financial Reporting Fraud: Prevention Starts At The Top. (CPE credit is available for those who read the magazine article, register in FEI's CPE center, and respond to the CPE questions).
In her opening remarks at FEI's 30th Annual Current Financial Reporting Issues Conference (CFRI) earlier today, FEI President and CEO Marie N. Hollein announced that FEI is forming a new committee, the Committee on Governance, Risk & Compliance (CGRC). The new committee joins FEI's Committee on Corporate Reporting (sponsor of the CFRI conference), and FEI's other committees. Hollein said: 
At the SEC's November 8 Roundtable on Measurement Uncertainty, the first in a series of roundtables on emerging issues making up SEC's Financial Reporting Series, representatives of the SEC, FASB and PCAOB heard a range of views from investors, preparers, analysts, auditors and others. Among the panelists were the Chair andVice Chair of FEI's Committee on Corporate Reporting, Lorretta Cangialosi and Gary Kabureck (speaking in their personal capacity, not on behalf of FEI). In this initial post on the SEC's roundtable, I am going to highlights some remarks by Prof. Stephen Penman of Columbia University, who called for the separation of, in essence, more factual information to be provided in the financial statements themselves, with more 'speculative' information provided in the footnotes and disclosures thereto. I'm also going to highlight some remarks by Pinto Suri, Senior Analyst, Flaherty & Crumrine. Both Penman and Suri, in my view (please see the disclaimer posted on the right side of this blog), strike me as the kind of people who would not be afraid to point out if the emperor had no clothes. Witness Suri's observation that: "Fair Value is neither 'fair,' nor 'value.'"
FASB released two proposals for public comment last week relating to investment companies and investment properties, respectively, and voted to release a third proposal - likely in early November -  to defer the effective da
Earlier today, the SEC announced it will hold the inaugural program in its Financial Reporting Series (FRS) on November 8; the focus of the initial
Earlier today, the Public Company Accounting Oversight Board voted to release proposed amendments to its standards to require disclosure of the name of the audit engagement partner, and disclosure of certain other persons and firms assoc


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