December 18, 2014

IFRS: The SEC’s Saga Continues

During the recent annual AICPA Conference, SEC Chief Accountant Jim Schnurr delivered this speech about the SEC possibly continuing to consider the use of IFRS by domestic companies. As noted in this blog by George Wilson: “While he did not say anything definite, it is clear the IFRS is no longer on the back burner!”

As it typically does, the SEC has posted these additional speeches and PowerPoint presentations used by its Staffers during the AICPA Conference (here’s summaries of these from this Morgan Lewis blog and this Deloitte memo):

Auditor Independence Matters – Deputy Chief Accountant Brian Croteau

Internal Controls – Senior Associate Chief Accountant Kevin Stout

Spinoffs, Goodwill Impairment & Pushdown Accounting – Associate Chief Accountant Carlton Tartar

Consolidation & JVs – Accounting Fellow Christopher Rogers

Revenue Recognition – Accounting Fellow Steve Mack

Segment Reporting; SEC Staff Speeches – Deputy Chief Accountant Dan Murdock

International Issues – Deputy Chief Accountant Julie Erhardt

Financial Instrument Issues – Accounting Fellow Hillary Salo

Here’s a presentation from the PCAOB’s Associate Chief Auditor that provides an overview of comments received on the Staff’s “Fair Value” Consultation Paper…

Vanguard’s CEO Speaks: Over 900 Letters Sent to Companies Over the Year

Here’s a recent speech by Vanguard’s CEO during which he noted that Vanguard sent 923 letters last year to companies and 358 of those letters requested specific governance structure changes – and that about 80 companies adopted substantive changes in response. He also urged boards to create a standing shareholder relations committee “for boards to gather those outside perspectives” discussed in the speech – and as noted in this FT article, Vanguard plans to send letters to companies about this idea next year…

More on “The Mentor Blog”

We continue to post new items daily on our blog – “The Mentor Blog” – for members. Members can sign up to get that blog pushed out to them via email whenever there is a new entry by simply inputting their email address on the left side of that blog. Here are some of the latest entries:

– Tips to Enhance Your Non-GAAP Disclosures
– Using Internal Audit to Assess & Improve Corporate Culture
– Considerations for Compliance Outsourcing
– Caremark Applies to Audit Committee Oversight of Internal Controls
– Corporate Political Spending Disclosure: Strategic Communications Plan

– Broc Romanek