Christopher Cox Responds to IFRS Comments
Showing longstanding support for International Financial Reporting Standards (IFRS), a change in stance seemed highly unlikely by Christopher Cox. However, after criticizing the potential U.S. adoption of IFRS during a conference speech earlier this month , the former U.S. Securities and Exchange Commission (“SEC”) Chair has received backlash from attendees and others who viewed the remarks as contradictory to his years as the agency’s leader. Cox recently addressed the outcry by saying his IFRS views haven’t changed, but rather the current state of financial reporting. In a phone interview last week with Accounting & Compliance Alert, Cox iterated that global standards are a good idea, but the policies in place have to adjust. Read More.
Mary Jo White Says SEC Statement on IFRS Coming Soon
Despite uncertainty regarding the agency’s next steps, U.S. Securities and Exchange Commission’s (“SEC”) Mary Jo White reaffirmed that International Financial Reporting Standards (IFRS) continue to be a top priority. After a June 20th speaking engagement with the Economic Club of New York, the SEC Chair remarked that her agency will have an updated IFRS statement in the near future, but is unsure what details it could contain. Per White, the last major issue relates to whether or not, and to what degree could IFRS be offered to domestic issuers. When issued, the SEC’s statement will be the first concerning IFRS. Read More.
Topics: Convergence, Domestic Issuers, Economic Club of New York, Global Accounting Standards, International Accounting Standards Board "IASB", International Financial Reporting Standards "IFRS", Mary Jo White, U.S. Securities and Exchange Commission "SEC"
SEC Proposes Amendments to Freedom of Information Act
Released for public comment, a proposed rule by the U.S. Securities and Exchange Commission (“SEC”) offers amendments to the Freedom of Information Act (“FOIA”). Entitled Freedom of Information Act Regulations: Fee Schedule, Addition of Appeal Time Frame, and Miscellaneous Administrative Changes, the proposal will allow the SEC to: collect fees that show the true costs related to such requests; create a 30-day appeals time frame that would be consistent with other Federal agencies, as well as provide the Office of the General Counsel increased efficiency and processing; permit FOIA appeals to be submitted via email or fax; and allow the Office of. Read More.
ASU Related to Performance Targets Issued by the FASB
Due to an agreement regarding its Emerging Issues Task Force, the Financial Accounting Standards Board has released Accounting Standards Update (ASU) No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. Effective for annual and interim periods within periods starting after December 15, 2015, the ASU’s amendments require a performance target that impacts vesting and can be attained after the requisite service period be handled as a performance condition. When calculating the award’s grant-date fair value, the performance target should not be considered. The compensation. Read More.
Breach of Independence Interpretation Proposal Released
Earlier this week, the American Institute of Certified Public Accountants’ Professional Ethics Executive Committee (“PEEC”) issued an exposure draft for Interpretation No. 101-20, “Breach of an Independence Interpretation” and a revised version of ET Section 91, “Applicability.” Open for public comments, the proposed guidance will assist auditors in reviewing and addressing the effects of breaching an independence interpretation. Per the proposal, the PEEC believes that public interest is not considered when a firm is required to withdraw from an attest engagement caused by an independence interpretation breach if the impact is such that the attest engagement team’s integrity, objectivity, and. Read More.
SEC’s Gallagher Speaks on Municipal Securities Market
At the Municipal Securities Rulemaking Board’s inaugural Municipal Securities Regulator Summit recently, the U.S. Securities and Exchange Commission’s (“SEC”) Daniel Gallagher shared with attendees the SEC’s efforts to review the municipal securities market. A few years ago, the SEC held public hearings in on the municipal securities market. The hearings eventually led to the 2012 Report on the Municipal Securities Market. During his speech in Washington D.C., Gallagher discussed various issues facing municipal securities markets, such as riskless principal transactions, post-trade price transparency, the best execution issues related to retail customers, and threats posed by pension and other post-employment retirement. Read More.
Topics: Daniel Gallagher, Execution Issues, Municipal Securities Regulator Summit, Municipal Securities Rulemaking Board, Pension, Post Trade Transparency, Retail, Retirement Benefit Liabilities, Riskless Principal Transactions, U.S. Securities and Exchange Commission "SEC"