SEC

E&Y to Pay $2 Million to Settle Audit Failure Charges

02/08/2012 - 21:17 - 1759 reads

On February 8, the PCAOB announced a settled disciplinary order censuring E&Y LLP. It imposed a $2 million civil money penalty against the firm, which is PCAOB's largest civil money penalty to date. The PCAOB also sanctioned four of E&Y's current or former partners for violating PCAOB rules and standards.

Jeanette Franzel Named to PCAOB Board

02/03/2012 - 17:04 - 468 reads

Earlier today, SEC Chairman Mary L. Schapiro announced the appointment of Jeanette M. Franzel to the PCAOB board. Franzel, currently a Managing Director at the U.S. Government Accountability Office (GAO), fills the vacancy created when board member Dan Goelzer's term ended; Goelzer remained on the board pending the naming of his replacement.

FEI

Governments and Private Companies Exploring Benefits of XBRL

01/31/2012 - 13:15 - 1460 reads

Congress is beginning to mandate the use of XBRL to track spending and improve transparency in government reports. Bills that contain language calling for the implementation of data standards, such as XBRL, have not yet passed into law, but the requirement could become part of the final payroll tax cut bill.

IASB Chairman Expects SEC to Approve IFRS

01/30/2012 - 15:22 - 654 reads

Speaking at a seminar in Moscow on IFRS, Hans Hoogervorst, Chairman of the IASB, said that he expected the IASB and the FASB to make progress on their remaining convergence projects in the coming year. Hoogervorst also predicted that the SEC would eventually approve IFRS for US companies.

Review of the PCAOB's Enforcement and Investigations Program

01/26/2012 - 11:46 - 874 reads

In his January 2012 letter to Mary Schapiro, chairman, SEC, James Doty, Chairman, PCAOB, stated, "I am pleased to transmit to you a summary of the PCAOB's most recent performance review, Review of the Public Company Accounting Oversight Board's Enforcement and Investigations Program."

SEC Seeking Public Comment on Dodd-Frank Financial Literacy Study

01/25/2012 - 23:09 - 1085 reads

The Securities and Exchange Commission is requesting public comments on financial literacy and investor disclosure issues that it is studying as part of a review mandated by the Dodd-Frank Wall Street Reform and Consumer Protection Act.

In Memory of Larry Ribstein

01/04/2012 - 11:00 - 366 reads

Legal scholar Larry Ribstein, founder of the Ideoblog and contributor to Truth on the Market (TOTM), well-known for his wide-ranging contributions to legal theory and debate (including re: Sarbanes-Oxley Section 404, which brought his work to my attention), passed away just before Christmas.

FEI

Goelzer Tapped For SEC Alumni Award; World Awaits Naming Successor on PCAOB Board; 12/14 Comment Deadline on Aud. Ind Con. Rel.

12/15/2011 - 10:56 - 692 reads

Dan Goelzer - currently a board member of the PCAOB, and formerly General Counsel and Executive Assistant to the Chairman at the U.S. Securities and Exchange Commission under several former Chairmen – has been tapped to receive the prestigious William O.

FEI

IFRS Foundation Names Prada Chair

12/12/2011 - 13:17 - 763 reads

The IFRS Foundation, which oversees and fundraises for the IASB, announced today the appointment of Michel Prada as Chairman of the IFRSF Board of Trustees.

FEI

IFRS Update: SEC Decision on Adopting IFRS Still Months Away

12/12/2011 - 12:42 - 1975 reads

James Kroeker, the SEC chief accountant, said last week that the SEC staff will need "at least a few more months" to complete its work on a report to the commission that will show the impact of adopting IFRS on US companies and capital markets. The SEC will study the staff report before making a decision.

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