Financial Regulatory Forum

SEC cracks down on disclosure of lawsuit costs (Westlaw News & Insight)

By Carlyn Kolker

NEW YORK, Feb 3 (Reuters Legal) – The U.S. Securities and Exchange Commission is cracking down on corporate disclosure of litigation costs, a Reuters Legal analysis has found. In particular, the agency is targeting banks and other institutions that have reported large settlements of financial crisis-related lawsuits that they had not disclosed in prior regulatory filings. (more…)

ANALYSIS-Fair-value accounting may be coming for real estate

By Dena Aubin

NEW YORK, Nov 2 (Reuters) – U.S. rule-makers are mulling an expansion of fair-value accounting to land and buildings held for investment, a change that could reshape the balance sheets of hundreds of real estate companies.

Fair value, which measures assets by their market worth rather than historical cost, is at the center of a big debate in the banking sector, where the Financial Accounting Standards Board is broadening its use. (more…)

PREVIEW-Rulemakers plan global overhaul of lease accounting

By Emily Chasan

NEW YORK, Aug 15 (Reuters) – U.S. and international accounting rule makers are planning to propose an overhaul of lease accounting as soon as Tuesday, in a move expected to affect some $1.2 trillion in leased assets.

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It looks like Plan B for accounting convergence

Full convergence of US and international accounting standards appears to be some way off, and while International Accounting Standards Board member Philippe Danjou is still aiming to achieve Plan A – meeting the G20 deadline of full convergence by mid-2011 – a compromise Plan B is clearly being prepared, John Manley writes. (more…)

IASB: single set of accounting rules on track

By Huw Jones

LONDON, March 16 (Reuters) – The world’s top accounting bodies are on track to thrash out a common set of rules by the middle of next year, the International Accounting Standards Board said on Tuesday.

The G20 group of countries set the ambitious deadline last year to make it simpler for cross-border companies and investors but differences over how to value some complex assets have raised concerns about the timetable.

Last month the U.S. Securities and Exchange Commission said it would commit to a new work plan that would delay any move to international standards until at least 2015.

INTERVIEW-Plan B may keep accounting convergence on track – IASB

By Huw Jones

LONDON, Jan 18 (Reuters) – A patch-up solution to keep the goal of a single global accounting system on track may be needed due to differences over how standard setters are reforming a rule blamed for amplifying the credit crunch.

Two rival accounting systems could feature extra disclosures allowing analysts to make comparisons between different fair value rules, the chairman of the International Accounting Standards Board (IASB), David Tweedie, told Reuters Insider.

The G20 group of leading countries has set a mid-2011 deadline for converging the world’s main accounting rules.

U.S. SEC to review accounting rules roadmap

By Huw Jones
BASEL, Switzerland, Oct 8 (Reuters) – The U.S. Securities and Exchange Commission will review by the end of the autumn its milestones for possible adoption of a global set of accounting rules, its chairman Mary Schapiro said on Thursday.
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EXCLUSIVE-U.S., global differences over fair-value accounting can be reconciled – IASB chief

tweedie_thb By Emily Chasan
NEW YORK, Oct 6 (Reuters) – Proposed changes to mark-to-market accounting rules are likely to look similar on both sides of the Atlantic in the end, despite a current controversy about how far to expand the rules, the top global accounting rulemaker said.

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International accounting board rejects U.S. “fair value” rule plans

By Huw Jones
LONDON, Sept 30 (Reuters) – The top accounting rule setter said on Wednesday that U.S. plans to widen the scope of a rule blamed for amplifying the credit crunch was unacceptable, raising doubts over a 2011 deadline for a global set of accounting rules.

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U.S. accounting board eyes more disclosure on illiquid assets

Financial Accounting Standards Board Chairman Robert Herz makes remarks at the Reuters Regulation Summit, in Washington, February 7, 2008.     REUTERS/Mike Theiler (UNITED STATES) WASHINGTON, Aug. 31 (Reuters) – U.S. accounting rulemakers have proposed requiring new disclosures on how companies value illiquid assets, a move designed to make it easier for investors to assess businesses’ financial health.
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