Best of 2007: Accounting

• Will the SEC Let U.S. GAAP Die?
When the SEC finally recognizes the use of IFRS by foreign firms, it may find that American companies want to ditch U.S. GAAP, too.

• SEC, PCAOB Pushed to Define Materiality
The new AS5 carefully avoids a bright-line definition of materiality, but both the PCAOB and the SEC are clearly feeling increasing pressure to put some hard numbers behind the definition of what is "material."

• Fear and Misunderstanding of the SEC
Carol Stacey, who recently left an accounting job at the commission for the private sector, talks about the hot topics in the profession today, from fair value and complexity to international standards and materiality.

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