Congress created the Public Company Accounting Oversight Board as part of the Sarbanes-Oxley accounting reform law in 2002.
However, the SEC's push for convergence of U.S. and foreign standards, as indicated by Tuesday's meeting, shows that the agency is at last getting serious about accounting reform.
He decided to oppose the appointment of a prominent advocate for accounting reform to head a newly created oversight panel, then failed to disclose to either the White House or his fellow commissioners that his preferred choice, former CIA Director William Webster, had been in charge of the audit committee of a corporation accused of fraud.
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But for our money, it is the easy Fed, the end of the panic and accounting rules reform that is boosting economic activity.
Panelists are expected to address the impact of accounting standards reform on the raising of capital raising as well as on U.S. investors and lenders.
Usually, it makes a sensible analysis of the problem, and proposes what should be done: over a capital gains tax cut, for example, or stock-option accounting, or pension reform, or telecoms deregulation.
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But other analysts were wary because the draft lacked detailed instructions on bank reform, tax and accounting issues, and on how bad loans would be reduced.
As someone who got into the tax accounting business just after the Tax Reform Act of 1986, I can say with confidence that the transitional issues will be stratospherically complex.
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Stanford flew a handful of its professors to New York, reserved a conference room at Skadden, Arps law firm, and invited a group of journalists to hear talks on financial services reform, executive compensation, accounting and corporate finance.
It was no coincidence that once Congress made it clear in early March that it wanted substantial and quick reform of mark-to-market accounting that stocks--especially those of banks and life insurance companies--vigorously rallied from their recession lows.
Regardless of the circumstances in Boston, immigration reform that strengthens our borders and gives us a better accounting of who is in our country and why will improve our national security.
"It'll certainly benefit China's reform process, " says Kevin Zhang, Beijing manager for the accounting firm Price Waterhouse.
So imagine these two cultures -- accounting for about three out of four workplaces -- responding to Obama's plan to reform the intelligence system.
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