By Edith Orenstein, FEI Financial Reporting Blog - Today we cover a number of topics: (1) The Senate Banking Committee has slated a hearing for June 3 on the three nominees for SEC commissioner, along with certain other nominated federal appointees. (2) FASB announced last week that board member George Batavick will remain on the board until a new board member is picked. (3) As reported yesterday in the Wall Street Journal, SEC Chairman Christopher Cox indicated the SEC will hold a roundtable in July on fair value accounting. (4) The WSJ added that, in a keynote address to an IOSCO meeting yesterday, Cox also presented certain recommendations for enhancing governance at the International Accounting Standards Committee Foundation (IASCF) which oversees the IASB. (5) The Financial Times (FT) reported earlier this week that the IASB has formed a Valuation Resource Group or working group, that will address, among other things, valuation of securities in thin or illiquid markets. (6) A followup article today in the FT reported that there has been some backlash by at least one member of the Institute of International Finance (IIF) regarding the IIF's recent recommendations calling for more flexibility on use of fair value or mark to market in illiquid markets. The Financial Times reported that IIF member Goldman Sachs has threatened to leave the IIF over this issue. For further details on the above topics, go here.
SEC Nominees Set for June 3 Sen. Banking Hearing;SEC To Hold Fair Value RT;IASB Forms Val. WkgGroup; Uproar over IIF Recs on FV
May 29th 2008