What the SEC’s New Chief Accountant Needs to Worry About
The announcement earlier today by the U.S. Securities and Exchange Commission that James (Jim) Schnurr has been appointed as the new Chief Accountant critical juncture for the U.S.as regulator continues to deal with the fallout of the 2008 credit crisis as well as a string of outstanding issues, such as accounting convergence and the rise of cybercrime.
Schnurr joins the SEC and takes on the accounting reigns as the regulator continues to struggle with complex financial crisis enforcement cases — such as the Bank of America case settled last week – that are still in process of being fleshed out.
Further, there is some uncertainty in some corners as to which way the SEC may turn on how to treat the use of International Financial Reporting Standards (IFRS) as published by the International Accounting Standards Board (IASB) in the U.S.; that is, by U.S. registrants. And, there are always a myriad of registrant issues and ongoing oversight of U.S. Financial Accounting Standards Board (FASB) standard-setting matters as it winds down the convergence agenda and moves on its own projects.