One More Time

The Public Company Accounting Oversight Board has been trying to improve the auditor’s report since 2011. They keep running into stiff headwinds that just won’t go away. Maybe the last obstacle remaining is getting their overlord, the SEC, to sign off on the proposed revision of the auditor’s report. The PCAOB finalized it around the…

Is IFRS Hazardous to Your Investing Health?

This column by Gretchen Morgenson, highlighting forensic accounting work done by Accountability Research Corporation of Toronto, certainly makes a strong argument that IFRS isn’t the most robust set of standards in the world. You should read the article, but one highlight stood out, in my view, regarding the bankruptcy of Sears Canada: “Sears Canada’s numbers…

Buffett’s Annual Letter: What He Said About Accounting

At 28 pages long, America’s most eagerly anticipated annual letter has plenty of meat in it for Berkshire aficionados. Warren Buffett didn’t disappoint: He covered just about everything the Berkshire Hathaway fans could ask for: The stock market. Hedge funds, investment management and “the bet.” Stock repurchases and intrinsic value. Acquisitions and insurance. Immigration (tangentially)….

SEC Comment Letters: Early Returns

Note: This post is a collaboration with our friends at Audit Analytics. Together, we reviewed the first batch of the SEC’s Division of Corporation Finance non-GAAP comments. The blog below is the result, which is also posted on their blog. The SEC’s Division of Corporation Finance (DCF) released its newest guidance on the “do’s and don’ts”…

The Non-Discussion About IFRS

Last week, I attended the AICPA’s annual “SEC & PCAOB Current Events Conference” – like hundreds of other CPAs needing their annual fix of information, gossip and camaraderie, though not necessarily in that order. I’ve been a steady attendee for a long time (since 1988), so I notice differences emerging from the conferences over the…

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