- Convergence Comes Together
Given the IASB/FASB goal of convergence by 2008, CFOs at US-based companies should be taking specific steps now to ensure that they are prepared. [more]
- No Joy for Ebbers From Supreme Court
The Supreme Court has turned down an appeal by former WorldCom CEO Bernard Ebbers for a review of his 2005 conviction for fraud and conspiracy. [more]
- The Merc Masters Certification
After a major initiative by the compliance team, the CFO and CEO of the Chicago Mercantile Exchange can certify quarterly financial reports with extreme confidence. [more]
- House Holds Regulators' Feet to the Fire Over Financial Reporting Complexity
Last year the House passed the Transparency in Financial Reporting Act, but the bill never made it through the Senate. [more]
- DiCaprio Takes On Enron
Leonardo DiCaprio will star in a Warner Brothers movie about Enron's collapse based on "Conspiracy of Fools," a book by New York Times reporter Kurt Eichenwald. [more]
- Kerry, Snowe Lobby to Ease SarbOx Pain for Small Companies
Senators John Kerry (D-Mass.) and Olympia Snowe (R-Maine) are rallying to postpone implementing Sarbanes-Oxley Section 404 regulations for small public firms to alleviate the anticipated stress in adhering to the new standards. [more]
- FEI Concerned About Proposed Changes to SOX 404
Yesterday was the deadline to voice agreement, opposition, or suggestions to the SEC's and Public Company Accounting Oversight Board's (PCAOB) proposed changes to Section 404 of Sarbanes-Oxley. [more]
- The Conference Board Releases ERM Study Findings
"As soon as business organizations abandon the traditional view of corporate governance as a regulatory burden, they can begin to more easily understand its value as a fundamental risk management activity," says Matteo Tonello, a corporate governance guru at The Conference Board. [more]
- Regulators Propose Plan To Buy Time for Scandal-Ridden Accounting Firms
- Concerned about the possibility of capital-market instability and loss of client confidence if one of the Big Four accounting firms were to collapse in an accounting scandal, members of the International Forum of Independent Audit Regulators (IFIAR) are floating the idea of putting an accused audit firm under the control of a temporary administrator until the firm's future is determined. [more]
- GAAP Meets IFRS: "Improve, Converge and Simplify"
FASB's director of major projects, Sue Bielstein, claims that both her board and the International Accounting Standards Board (IASB) are making "solid progress" in their efforts to merge US generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS). [more]
- GRC Initiatives Go Companywide in 2007
Managing risk by business unit, process and program is likely to go by the wayside in 2007 as companies turn to corporate-wide risk assessment programs. [more]
- A Guide to the 2007 Proxy Season
Executive compensation and majority voting in director elections will be front and center among this year's proxy season issues. [more]
- IIA Introduces New Methodology for Testing IT Controls
After a recent survey of 500 companies found that less than 3 percent of organizations would label themselves as "extremely efficient" in annually testing IT General Controls (ITGC), the Institute of Internal Auditors (IIA) has responded with the "Guide to the Assessment of IT General Controls Scope Based on Risk," or GAIT. [more]
- Center for Audit Quality Launched
Governed by both the AICPA and the six biggest accounting firms' chief executives, the new Center for Audit Quality strives to influence national policy. [more]
- UK CFOs React to IFRS Changeover
Convergence between US GAAP and International Financial Reporting Standards (IFRS) is acclerating, and may be complete within the next 12 months. [more]
- Don't Believe the Hype
With all the talk about overregulation and the now-in-vogue backlash against Sarbanes-Oxley, just how concerned should we be about the future viability of US financial markets? [more]
- Drumbeat for Easing Sarbanes-Oxley Grows Louder
Joining the chorus of voices demanding Sarbanes-Oxley reform, Senator Charles Schumer of New York, Governor-elect Eliot Spitzer and New York City Mayor Michael Bloomberg released a report on January 23 showing that financial services in New York City and other major US centers are hurting, and would take a significant hit in a few short years. [more]
- Financial Analysts Weigh In On Paulson Committee Proposals
The CFA Institute, an organization that represents and trains financial analysts, has added its two cents to the debate on proposed regulatory rollbacks. [more]
- Taking the Expense Out of Expensing
Companies that reluctantly loosened the purse strings when they began expensing stock options a year ago can now price these options in a new way that promises to reduce those expenses -- with the blessing of the SEC. [more]
- FASB Casts Vote Against Postponing FIN 48
The Financial Accounting Standards Board voted to stay the course with FIN 48 implementation, despite the call for a delay from industry coalitions and tax mavericks. [more]
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