The ever-spreading Trumpian sludge finds its way to the world of financial reporting This came in a tweet (what else?) on August 17th, as follows: In speaking with some of the world’s top business leaders I asked what it is that would make business (jobs) even better in the U.S. “Stop quarterly reporting & go…
The US SEC has filed charges against the Canadian entity Penn West Petroleum Ltd. (now renamed Obsidian Energy Ltd.) and three former senior accounting and finance personnel alleging violations of the antifraud, recordkeeping, internal controls, and reporting provisions of the federal securities laws arising from a multi-year accounting fraud. Penn West prepared the financial statements…
Notes on “A U.S. Imperative: High-Quality, Globally Accepted Accounting Standards,” a recent public statement by outgoing SEC Chair Mary Jo White Regardless of what the title may seem to promise, it’s as bland a “statement” as you’ll ever come across, lacing even the hint of a distinctive thought, insight, or turn of phrase (by comparison, one might…
Notes on a recent speech by SEC Commissioner Kara M. Stein: Here’s a lengthy extract: “… As both practitioners and scholars of securities law, you know that accounting is the foundation for much of what we do. Everything from our financial reporting regime to oversight of financial firms’ liquidity and capital depends upon reliable, consistent,…
When I started my first IFRS blog some six years ago, in the thick of the Canadian transition process, the debate about adopting IFRS in the US was active and often heated, prompting a constant stream of online ranting… I once quoted Professor David Albrecht, a particularly active figure in the field, as follows: “”As…
John Hughes IFRS Blog 