SEC, Legislative Response to Market Turmoil (NYT's Norris); Rutgers Conference on Credit Crisis; European Parliament on IASB

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By Edith Orenstein, FEI Financial Reporting Blog - The New York Times’ Floyd Norris, reporting on the Senate Banking Committee hearing on credit rating agencies at which SEC Chairman Christopher Cox and others testified earlier this week, notes that the role of credit rating agencies in the debacle is, as his article is entitled, “Where the Fingers Are Pointing.”

Rutgers Conf. May 9
In related news, a conference is being hosted May 9 at the Rutgers University Business School Management Education Center in Newark, NJ on: "Overcoming the Credit Crisis: The Role of Continuous Assurance and Reporting.” More formally, this is the “2008 International Journal of Disclosure and Governance (IJDG) Conference held in conjunction with the 2nd Continuous Reporting Conference at Rutgers University.” FEI President and CEO Michael P. Cangemi is among the speakers at the conference, with other experts in accounting, audit, business and technology. Register for the conference here.

European Parliament Adopts Resolution Calling for Changes to IASB, IASCF Governance, Transparency, and Greater EU Involvement

Yesterday (April 24) the European Parliament (EP) adopted this resolution which affirms that the EP “is firmly convinced that high-quality global accounting standards must be developed.”

The resolution also noted the EP “welcomes… the fact that the IASCF/IASB have sought … improve[ments] … through, inter alia, biannual meetings at which the IASCF reviews the IASB's work, impact assessments for new standards and the introduction of formalised feedback statements for comments received in public consultations.”

However, the EP believes certain changes to the IASB and its parent body, the IASCF’s governance, process and transparency should be made, including increasing the role of the EU.

Read more about the above developments here.


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