In a previous entry, I highlighted the SEC’s movement to require U.S. companies to prepare their financial statements using International Financial Reporting Standards (a.k.a. “IFRS”).* In that entry, I speculated that the transition to IFRS would be rapid but didn’t offer a specific timeline. Having parsed more closely some of Chris Cox’s comments at a December 17, 2007 SEC round table, I’m ready to prognosticate. [click to continue...]
From the monthly archives:
February 2008
Today, attorney William Lerach was sentenced to two years in the federal pen for obstructing justice and making false statements. He once won a $7 billion judgment against Enron for . . . (drum roll) making false statements. It’s a classic example of what I call the “savvy guy syndrome,” a behavioral disorder in which an individual or a group follows the lead of so-called “savvy guys” right over the edge of legal or ethical cliffs.
On top of everything else, Société Générale now faces European and SEC investigations into possible insider trading. Today’s Wall Street Journal headline reads “SEC Probes French Bank: U.S. Investigation of SocGen Focuses On Stock Sales.”
When a publicly traded stock falls dramatically, you can expect market regulators to begin trolling for impropriety in trades by insiders preceding the price decline. [click to continue...]
{ 0 comments }
Most corporate accounting and finance people are heavily engaged this time of year slogging through audits and preparing data for tax returns. The furthest thing from their minds are huge changes in accounting standards now lurking at the SEC. And I don’t mean the Southeastern Conference. [click to continue...]
