July 16, 2018

IFRS

Virginia Is for IFRS Lovers

Credit to r/accounting, who continues to be hot on the accounting-themed license plate beat. If you're a GC amateur archivist, then you know this is not the first vanity plate from Virginia we've featured. These Old Diminoners do like them for some reason. Now that you've taken this in, what do we like best about […]

FASB Supports the SEC’s Commitment to Tiptoeing Around IFRS Adoption Indefinitely

This week, the AICPA Conference on Current SEC and PCAOB Developments is going down in Washington and unfortunately I am missing it this year as I'm due in Dallas this week for AccountingWEB Live which is exponentially more exciting (or something). Today, SEC Chief Accountant Jim Schnurr reiterated the commission's commitment to pussyfooting around any […]

SEC Chief Accountant Suggests a Mysterious Plan D for IFRS

In remarks to the U.S. Chamber of Commerce on Wednesday, SEC Chief Accountant Jim Schnurr floated a fourth, mysterious alternative to use of IFRS in the U.S. FEI reports: Schnurr described three possible alternative actions with respect to the use of IFRS by U.S. public companies that have been considered in that past: “Turning the […]

#TBT: Former SEC Chairman Christopher Cox on The SEC’s IFRS Roadmap

The great thing about speeches these days is that they generally live in perpetuity on the Internet, even if the speech-makers would hope that we have forgotten them. Oh, you wish. Today's Throwback Thursday comes from deep in former SEC Chairman Christopher Cox's closet. Made in March of 2007, over a year before the SEC […]

IFRS Fanboy to World: Global Adoption of IFRS Is Inevitable

"The quality of financial information produced by IFRS is very high, thanks to the work of the IASB, but also to the convergence project with the United States. And a decade of use by both advanced and developing economies has shown that our mission of a s ingle set of high global accounting standards is […]

IASB Vice Chairman Suggests Adopting IFRS Is the Only Solution to Convergence Failure

You know, I have to give it to these guys, they are nothing if not persistent. They are like that lady who is always calling me to talk about my credit card interest rates; no matter how many times I cuss her out, hang up on her, threaten to report her to the pretend federal […]

IASB Backtracks on Lease Accounting But Definitely Not Because of FASB

Funny that the IASB and FASB working together on a new lease accounting standard was totally kumbaya up until recently, when everything fell apart and both sides realized this convergadoption thing is totally never going to happen. Too bad, joining forces on revenue recognition made it seem so likely despite the fact that everyone including […]

Bipartisan Congressional CPA Caucus Warns SEC Against Taking IFRS Too Fast

Where exactly has the Congressional Caucus on CPAs and Accountants been all this time? The SEC has only been dragging its heels on convergadoption since, like, the beginning of time or at least 2008, which might as well be the beginning of time as far as we are concerned. Now, these guys — who, in […]

IASB Vice Chairman Calls FASB a Bunch of Old Timey Back-Tracking Liars

The IASB has been frustrated with heel-dragging on this side of the pond for as long as the U.S. has been pretending to work toward adopting international financial reporting standards. Despite the fact that only a few short weeks ago, we thought progress on shared revenue recognition rules meant promise for convergadoption. At that time, […]

Former SEC Chair Chris Cox Goes From Cheerleading IFRS Adoption to Burying It

Before we talk about Chris Cox's recent comments on adoption of international standards in the U.S., allow us to look back. After all, you will recall Cox was the one pushing for them years ago when he was still chairman of the SEC. Let's see what he said at an SEC Open Meeting in August […]