 |
 |
|
|
|
||||||||||
|
||||||||||
|
|
|||||||||
|
||||||||||
The commission's unveiling of the long-awaited proposed timeline, guiding U.S. companies in switching to international accounting standards, would intensify the debate.
Sarah Johnson, CFO.com | US
August 25, 2008
If the rest of the world are converting to IFRS, it only mean one thing....IFRS DOES WORKED... For USA to follow IFRS, it is a matter of when than if..just wait for the inevitable loss of competitiveness for all the debate on whether USA should or should not to stop...
Posted by Ivan Toh | August 26, 2008 02:00 am
I'm not sure what makes Mr. Enders so enthusiastic about Mr. Cox replacement, because the SEC has NEVER "fulfilled its duty of protecting the investing public". How far do you want to go back? Did the SEC protect investors from Global Crossing, Enron, WorldCom? Or would you like to go back to its nascent years, the 1930's? While I agree Cox' mad dash to IFRS is miguided and naive, its the natural result of the fact that he is a lawyer, not an accountant and therefore, not really qualified to judge accounting standards. The accountants around him may be looking for outside employment, name recognition or whatever, but are clearly advocating an autocratic and unaccountable policy decision that typifies the dangers of allowing legislatures to pawn off the real work of government to bureacrats. Delusions of electoral disinfection of the executive branch aside, come November, Mr. McCain or Mr. Obama will consider and then appoint a successor and Cox will move on to some lucrative private sector gig. Obama is such a fanatic for foreign acclaim, he'll throw GAAP under the bus faster than his grandmother. Either way, the successor will be chosen to protect the interests of contributors, not the investing public and will be another lawyer. Those contributors include the Big 4, the multinational corporations, and a variety of others who have powerful economic motivations to push for IFRS. Money, especially political money, screams, it doesn't talk.
Posted by Super Heater | August 26, 2008 12:27 am
Mr Cox, don't even think about it. You will be out of office soon and we will return to an SEC that will fulfill its duty of protecting the investing public -- not cranking up inflated earnings and loose reporting standards to drive profits and "in the money" stock options.
Posted by randall enders | August 25, 2008 10:36 am
© CFO Publishing Corporation 2009. All rights reserved.