SEC Chair Mary Jo White said that she'll wait until two new commissioners are appointed before deciding on whether James Doty will remain the head of the PCAOB. Currently, the SEC only has three commissioners after Dan Gallagher and Luis Aguilar both left last year.
But how long do we have to wait?! That all depends on something no one likes to depend on:
President Barack Obama last fall nominated two new SEC commissioners to replace Gallagher and Aguilar, but the Senate Banking Committee has not held a confirmation hearing. When the Senate will act on the nominations is unclear.
And there seems to be some fuss over an empty Supreme Court slot, too. Doty can probably get comfortable.
[Reuters]
A recommendation on whether U.S. companies should switch to international accounting rules will take a few more months, the Securities and Exchange Commission’s chief accountant said Monday. The SEC’s staff had been expected to make a recommendation by year-end on whether U.S. companies should adopt the global rules, known as International Financial Reporting Standards. But the staff needs “a few additional months” to complete its work, SEC Chief Accountant James Kroeker said. [