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June 29, 2011


Edith Orenstein


Very interesting and as always thought-provoking post, although I'm not sure it is appropriate for you to assert (granted, this is your blog, and it is your opinion) that 'the fix is in.'

At the same time, you deserve credit for having the nerve to put yourself out there asking 'the hard questions.'

If it turns out you are not part of the SEC's July 7 roundtable, (maybe you'll be invited to participate in one of their future Financial Reporting Series roundtables?), there's probably nothing stopping you from organizing your own private webcast (maybe in Second Life? e.g. if you speak to the fine folks at MACPA's CPA Island?) to raise your questions for public discourse. Input from such a roundtable could also potentially serve as input for a comment letter.

Returning more directly to the message, and title, of your post ("No News is bad news...") the fact that further info about the July 7 roundtable isn't posted publicly yet could be that the SEC is simply tying up loose ends like links to participant bios or something like that, or the webmaster could be tied up posting items relating to rulemaking, etc. Or, maybe they will post something on July 1 (tomorrow), which happens to coincide with the launch of a new IASB Chairman's term, with Sir David Tweedie retiring as chairman today.

I hope others, with a variety of views, will comment on your post. I'm sure there are lots of folks out there with reactions to the points you make.

Scott Green

Re small company perspectives on the question of IFRS adoption in the US:
Based on my observations from over 20 years of auditing and then working for small companies, their limited resources devoted to finance and accounting are indeed consumed in the daily challenges of external and internal financial reporting and financial management.

They have little to no extra bandwidth to meaningfully comment on proposed standards from the FASB; responding to what actually gets issued is challenge enough. To meaningfully consider an entire new set of accounting standards seems impossible for most small company finance departments. Their strategy likely is to just keep rolling with the standard-setting punches as they come in, including the IFRS haymaker if that arrives.

Small company finance departments are particularly dependent on representation by organizations that represent their collective interest and instances of common causes with larger organizations.

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