SEC
- December, 2008
- SEC Study Says Improve, Do Not Suspend, Fair Value Accounting
- The SEC released its congressionally mandated study on mark-to-market accounting. The report notes that investors generally believe fair value accounting increases transparency. The report also observes that fair value accounting did not appear to play a meaningful role in bank failures that occurred in 2008.
- December, 2008
- U.S. SEC Releases Final Rule Mandating Companies
to Report Financial Statements Using XBRL, Interactive Data Format - The U.S. Securities and Exchange Commission approved final rules, which require companies to submit Financial Statements in XBRL format with their SEC filings. The new rules will require the largest companies to use interactive data beginning with their quarterly June 2009 filings. The rules will be phased in over a three-year period.
- November 24, 2008
- IOSCO launches three task forces to support G20 aims.
- November 24, 2008 - The International Organization of Securities Commissions Technical Committee met to craft a detailed work program to address continuing market turmoil. The three tasks forces formed during the meeting will address short selling, unregulated financial markets and products and unregulated financial entities.
- November 16, 2008
- SEC Road Map for Transition to IFRS Available
- November 16, 2008 - The SEC released its road map for the transition by U.S. public companies to the use of International Financial Reporting Standards (IFRS). The Journal of Accountancy summarized important details of the road map including milestones that, if met, could lead to required use of IFRS for U.S. Issuers by 2014.
- November 14, 2008
- SEC Publishes IFRS Roadmap
- November 14, 2008 – The Securities and Exchange Commission released its proposed roadmap for the potential use of financial statements prepared in accordance with International Financial Reporting Standards by U.S. issuers. The roadmap sets several milestones that, if achieved, could lead to the required use of IFRS by U.S. Issuers in 2014. Comments should be received on or before 90 days following publication in the Federal Register.
- September 30, 2008
- SEC Office of the Chief Accountant and FASB Staff Clarifications on Fair Value
- September 30, 2008 - Office of Chief Accountant recognizes and supports efforts of FASB and the IASB on issues of fair value. While FASB is preparing to propose additional interpretative guidance on fair value measurements under U.S. GAAP, SEC and FASB staffs provide immediate clarification to a number of questions.
- August 27, 2008
- SEC Unanimously Approves Exposing Proposed IFRS Roadmap for Public Comment
- In what all of its members agreed was a significant decision, the Securities and Exchange Commission today unanimously agreed to a series of steps that could lead to the required use of IFRS by U.S. issuers by 2014.
- August 26, 2008
- SEC expected to unveil roadmap for IFRS adoption
- SEC commissioners will meet at Wednesday, Aug. 26, 2008 at 10 a.m. to discuss a proposed timeline and other elements of a roadmap for requiring U.S. publicly held companies to transition from U.S. GAAP to international financial reporting standards.
- August 4, 2008
- SEC Chairman Cox Says Subprime Market Crisis a "Stress Test" for GAAP, IFRS
- Securities and Exchange Commission Chairman Christopher Cox kicked off a discussion on financial reporting Monday Aug. 4, 2008 saying the subprime mortgage crisis provided "a critical stress test" for U.S. generally accepted accounting principles and International Financial Reporting Standards.
- August 4, 2008
- View Archived Webcast of August 2008 SEC Roundtable on IFRS
- On August 4, 2008, the Securities and Exchange Commission held a roundtable discussion on International Financial Reporting Standards (IFRS) developments, including the experience with use of IFRS during the recent period of market turmoil.
- July 31, 2008
- SEC To Hold Hearing on IFRS, GAAP Role in U.S. Stock Market Declines
- The Securities and Exchange Commission plans a hearing Aug. 4 to analyze the performance of International Financial Reporting Standards versus U.S. generally accepted accounting principles during the U.S. credit crunch and subprime mortgage meltdown.
- SEC IFRS "Roadmap"
- SEC Roundtable on Practical Issues Surrounding the Use of IFRS in the U.S. in Recent Years, and Its Potential Expanded Use in Future Years.
- SEC Office of International Affairs
- The Office of International Affairs (OIA) promotes investor protection and cross-border securities transactions by advancing international regulatory and enforcement cooperation, promoting the adoption of high regulatory standards worldwide, and formulating technical assistance programs to strengthen the regulatory infrastructure in global securities markets.
