Attestation Update – A&A for CPAs

Technical stuff for CPAs providing attestation services

IFRS adoption: Yet another fatal flaw and a heaping dose of ridicule

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Apparently it is not yet universally believed that adopting IFRS for the U.S. is a horrible, fatally flawed concept that would harm the U.S. capital markets. I’ll mention yet another catastrophic flaw in the concept after a few jokes at the expense of IFRS.

First, some indication there is still a heartbeat in the otherwise decaying corpse.

I hope there’s still not hope for convergadoption ™

Mentioned before that the New SEC Chief Accountant {is} Weighing Switch to Global Accounting Rules – The new chief accountant is reviewing past work at the SEC on IFRS.

On November 6, the Wall Street Journal reported he hopes in a few months to have “movement” on the issue. Didn’t give a hint what direction he thinks the agency should go.

Professors Paul Miller and Paul Bahnson discuss IFRS at length in their article, IFRS in the U.S.: The opera star has already sung (free registration required).

In the article, they explain that SEC chair Mary Jo White said she thought IFRS adoption might be a good idea in a meeting with the FAF.

A heaping helping of ridicule

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Written by Jim Ulvog

November 24, 2014, 7:21 am at 7:21 am

Posted in Accounting

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Big bank penalties in last five years offset industry profits for first decade of this century

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That’s the conclusion from Keefe, Bruyette & Woods in a report they just released, which I can’t find online.

The analysts there calculated that the big bank and brokerage firms made $152B in profits from 2001 through 2010 (please no comments on the century and decade actually starting in 2000).

Fine and civil settlements paid by 43 banks Read the rest of this entry »

Written by Jim Ulvog

November 21, 2014, 7:06 am at 7:06 am

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Ripple effects from banking fiascos – 1

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Those big banking fiascos just won’t go away. Ripple effects keep showing up.

Here are two ripples that I noticed just yesterday from the money laundering mess, one for Bank of Tokyo and another with BNP.

11/18 – Wall Street Journal - Bank of Tokyo to Pay $315 Million to N.Y. RegulatorRead the rest of this entry »

Written by Jim Ulvog

November 20, 2014, 7:39 am at 7:39 am

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Remember to renew your PTIN by 12/31

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Your PTIN needs to be renewed for 2015. You need to get that done by 12-31. Without renewal, you can’t file a tax return electronically. Might not be an issue for a while into the new year, so maybe you could blow it off for a few months. Would be better to get it done now.

Just renewed mine today. Took about 10 minutes from start to end.

You can get started here.

Written by Jim Ulvog

November 18, 2014, 11:47 am at 11:47 am

Posted in Other stuff

A few updates on the Forex settlement

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Just a few more tidbits from the forex settlements announced yesterday.

Some more ideas from the WSJ coverage in their article, Citigroup, J.P. Morgan Take Brunt of Currencies Settlement.

Three agencies are still investigating: The Federal Reserve, Department of Justice, and NY Department of Financial Services. DoJ and DFS will probably have the big fines and sanctions.

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Written by Jim Ulvog

November 13, 2014, 7:28 am at 7:28 am

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Settlements for Forex manipulation announced. We will need to wait for all settlements to learn if this is only a cost of doing business

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Three major regulators announced settlements with six banks for their now admitted manipulation of foreign exchange rates. At least two regulators (Department of Justice and NY Department of Financial Services) still have investigations open. One bank, Barclays, withdrew from the settlement.

The scheme ran for six years, starting after the fall 2007 meltdown and running until a year after the Libor settlements were underway.

Here is my recap of the fines by bank with calculation of the annualized cost, all amounts in U.S. dollars: Read the rest of this entry »

Written by Jim Ulvog

November 12, 2014, 8:26 am at 8:26 am

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Insider trading case – now we can watch the release dates

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May not be many people interested at the moment in knowing release dates for Scott London and Bryan Shaw as they continue to serve their time in federal pen. My blog continues to get a small stream of referrals from search results, so there is some teeny tiny bit of interest.

That prompted me to check the status of the two golf buddies who are serving time for insider trading.

Where are they now?

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Written by Jim Ulvog

November 10, 2014, 22:54 pm at 10:54 pm

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