Stakeholders Discuss Greater Institutional Investor Makeup, Governance Structures, Greater Regulatory Scrutiny Deloitte Insights contributes a piece to the CFO Journal on the Wall Street Journal site, part of a series designed to provide financial executives a customized resource to help them address the strategic, operational and regulatory issues they face in managing their finance organizations and careers, with top-line digests, research, perspectives and technical analyses. This Deloitte Insight reports on the Third Annual Hedge Fund Symposium Series held in New York recently. There, Joseph Fisher, who leads the Hedge Fund Audit practice for Deloitte & Touche LLP in New York, commented on how…
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The accounting rulemakers said they are seeking more feedback about whether groups of companies could phase in IFRS and how investors are dealing with the two sets of accounting rules currently existing in the United States. Emily Chasen at WSJ CFO Report writes [trial subscription required] that accounting rulemakers in the U.S. and abroad are calling for collaboration even as U.S. regulators have so far refused to take a clear position on whether they should adopt international accounting rules. But that lack of guidance makes the timing and nature of such cooperation uncertain, the heads of the U.S. and international accounting…
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New private company council includes FASB, but in reduced role, The Journal of Accountancy explains. “This announcement is excellent news for small businesses that have been concerned about the future of US GAAP particularly in relation to an international move toward IFRS,” adds Editor Gail Perry at AccountingWeb. Emily Chasan at the Wall Street Journal reports: The Financial Accounting Foundation’s Board of Trustees voted Wednesday to establish a new Private Company Council that will create exceptions and modifications to U.S. accounting rules as they apply to private companies. The board, which oversees the U.S. Financial Accounting Standards Board, said…
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No Parties After IFRS Adoption in Canada When measuring the costs of IFRS implementation, there are the not-at-all trivial costs of changing accounting methods. But there are also opportunity costs of spending time becoming IFRS compliant that you could have spent doing something other things. “The greater cost has really been the diversion of intellectual capital during this time period from doing more productive pursuits than the IFRS conversion,” opines a vice president at Canadian Tire. At CFO Journal Emily Chasen reports that IFRS adoption by our neighbors to the north has been anything but easy: If U.S. regulators want to get a…