{"id":7146,"date":"2010-05-19t19:58:28","date_gmt":"2010-05-19t23:58:28","guid":{"rendered":"https:\/\/48e130086c.nxcli.net\/?p=7146"},"modified":"2010-05-19t20:00:45","modified_gmt":"2010-05-20t00:00:45","slug":"sec-chief-attacks-three-ifrs-myths","status":"publish","type":"post","link":"\/\/www.g005e.com\/2010\/05\/19\/sec-chief-attacks-three-ifrs-myths\/","title":{"rendered":"sec chief attacks three ifrs &#8220;myths&#8221;"},"content":{"rendered":"<p><strong>defends &#8220;the vital but sometimes overlooked field of accounting.&#8221;<\/strong><\/p>\n<figure id=\"attachment_7148\" class=\"thumbnail wp-caption alignleft\" style=\"width: 150px\"><img loading=\"lazy\" decoding=\"async\" class=\"size-thumbnail wp-image-7148\" title=\"mary schapiro sec 2010 web\" src=\"https:\/\/cpatwpe.s3.amazonaws.com\/cpatrendlines\/wp-content\/uploads\/2010\/05\/mary-schapiro-sec-2010-web-150x150.jpg\" alt=\"\" width=\"150\" height=\"150\" \/><figcaption class=\"caption wp-caption-text\">schapiro<\/figcaption><\/figure>\n<p>pledging global accounting convergence &#8212; someday &#8212; sec chairman mary shapiro today sought to &#8220;re-affirm our dedication to developing a single set of high-quality, globally-accepted accounting standards.&#8221;<\/p>\n<p>and she addressed three criticisms of the agency, which she called &#8220;myths:&#8221;<\/p>\n<ul>\n<li>myth #1: the sec&#8217;s commitment to global accounting standards is not as strong as it should be.<\/li>\n<li>myth #2: the u.s. may be committed, but it&#8217;s dragging its feet regarding adoption of ifrs.<\/li>\n<li>myth#3: the united states is fixated on process.<\/li>\n<\/ul>\n<p><strong>for the details, here&#8217;s the full text of sec chairman mary l. schapiro&#8217;s\u00a0 remarks at the cfa institute 2010 annual conference, boston, mass., via  videoconference: <\/strong><\/p>\n<p><!--more-->i wanted  to update you on our efforts to improve the quality of the financial  information on which you base your advice and your careers \u2014 the  information that is the lifeblood of your work.<\/p>\n<p>and i especially wanted to re-affirm our dedication to developing a  single set of high-quality, globally-accepted accounting standards which  will benefit u.s. investors and investors around the world, as part of  our commitment to better visibility and information.<\/p>\n<p>over the course of the last 10 years, we have had a number of painful  reminders of just how important good information \u2014 from accurate  accounting by individual businesses to aggregate information on trades  and positions \u2014 is to investors, to markets and to regulators.<\/p>\n<p>we have seen that individual securities or entire markets that rise  without the corrective hand of either investor insight or regulatory  review are far more likely to crash \u2014 and to cause significant  collateral damage when they do.<\/p>\n<p>in the early part of the last decade, shares of several companies  soared to extraordinary heights on the backs of falsified books \u2014 and  then fell hard. more recently, it was the overheated market for  mortgage-backed securities \u2014 fueled by poor lending decisions, opacity  into the risk of underlying assets and blind faith in triple-a ratings \u2014  that collapsed, causing serious damage to the entire economy.<\/p>\n<p>and so, a focus of the sec in the post-crisis world is \u2014 just as it  has been in our most productive periods for 76 years \u2014 increasing the  ability of investors, their advisors, and ourselves to get the kind of  information we need to make rational economic and regulatory decisions.<\/p>\n<p>part of this mission involves re-energizing, re-structuring and  refocusing the sec itself, so that we have the tools and skills  necessary to analyze the data filed with us, and the resources and the  will to punish those who provide false or misleading information.<\/p>\n<p>part of it is our work with congress towards comprehensive reform  that brings sunshine to opaque markets.<\/p>\n<p>and a lot of it involves attention to the vital but sometimes  overlooked field of accounting.<\/p>\n<p>accounting has been referred to as the &#8220;blocking and tackling&#8221; of  financial reporting. i don&#8217;t think i am offending many accountants by  saying it&#8217;s often an unglamorous exercise. but, as legendary football  coach vince lombardi said over and over again, it is the team that  blocks and tackles best that wins.<\/p>\n<p>and, so while the sec is working on &#8220;big play&#8221; efforts \u2014 that is,  major rule changes and an internal restructuring \u2014 we&#8217;re not neglecting  our blocking and tackling.<\/p>\n<p>we&#8217;re protecting investors from accounting fraud and overseeing both  fasb and the pcaob.<\/p>\n<p>we&#8217;re working to see that reporting standards are consistent with  current accounting practices.<\/p>\n<p>and, in one of our most important and large-scale efforts, we are  overseeing fasb&#8217;s convergence efforts to facilitate a single set of  high-quality international accounting standards, as we prepare for  possible incorporation of international standards into the u.s.  reporting structure for u.s. issuers.<\/p>\n<p>maybe it&#8217;s because other sec actions and the prospect of truly  historic financial reform crowd out coverage, but these &#8220;blocking and  tackling&#8221; efforts generally don&#8217;t make much news. and, from that news  void, myths are emerging which suggest that the sec has lost its  commitment to ensuring the high quality and integrity of the financial  reports filed by u.s. issuers \u2014 and, especially, that our commitment to  international standards has flagged.<\/p>\n<p>my goal today is to put those myths to rest. comprehensive and  neutral accounting standards are the bedrock upon which our securities  laws are based \u2014 standards that generate accurate, consistent,  comparable, relevant, and reliable information for investors, lenders,  creditors, and all others who make capital allocation decisions. we have  not, cannot, and will not lose sight of that fundamental principle.<\/p>\n<p>but, before i go into detail about all that we&#8217;re doing to apply this  principle to the writing of effective, international, accounting rules,  let me touch briefly on some of our other activities.<\/p>\n<p><strong>strengthening the sec<\/strong><\/p>\n<p>the initial focus of my time at the sec has been re-energizing the  agency itself. we&#8217;ve changed our internal structure, breaking down silos  that limited communications between and among offices and divisions and  which contributed to missteps in the past.<\/p>\n<p>for the first time in years, our budget allows us to begin investing  significantly in new technology. our priority has been to create a  system that can track, classify and correlate the thousands of tips and  investigative leads we receive every month, and which are often the  first step towards preventing or punishing fraud.<\/p>\n<p>we brought in new leadership, and they&#8217;re bringing in new talent,  across the organization.<\/p>\n<p>and we&#8217;ve initiated one of the most significant investor-focused  rulemaking agendas in decades, such as:<\/p>\n<ul>\n<li>adopting rules and proposing others to create a stronger, more  robust regulatory framework for credit rating agencies.<\/li>\n<li>adopting rules that will help keep money market funds from  &#8220;breaking the buck,&#8221; by requiring greater credit quality, improved  liquidity, shortened maturities and by requiring stress testing and  disclosure of funds&#8217; actual &#8220;mark-to-market&#8221; net asset value.<\/li>\n<li>adopting a rule that will provide greater protections to  investors who entrust assets to investment advisers by requiring that  independent, third-party accountants confirm client assets and review  custody controls in situations where the possibility for  misappropriation is acute.<\/li>\n<li>adopting rules which make companies more accountable to  shareholders by requiring them to provide information about the  leadership structure of boards, the qualifications of board nominees and  the relationship between a company&#8217;s overall compensation policies and  risk taking. and we proposed rules to facilitate the effective exercise  of shareholders&#8217; rights to nominate directors to the boards of the  companies they own<\/li>\n<li>proposing rules that will bring unprecedented visibility into  the assets underlying all varieties of asset-backed securities.<\/li>\n<li>and, issuing a concept release on market structure issues  including high-frequency trading, co-locating trading terminals and  markets that do not publicly display price quotations. we are also  attempting to determine the extent to which the interests of short-term  professional traders may diverge from those of longer-term investors.  these issues will also be at the center of a market structure  roundtable, which we will be hosting in several weeks.<\/li>\n<\/ul>\n<p><strong>comprehensive financial reform<\/strong><\/p>\n<p>as we move forward within the sec, congress is debating comprehensive  reform that will affect not only the sec but the other major financial  regulators. the result will be a significant milestone in the effort to  minimize systemic risk and to bring transparency and investor protection  standards into the 21st century.<\/p>\n<p>a key provision in the legislation would provide independent funding  for the sec. it&#8217;s a provision that guarantees independence, enables us  to engage in long-term planning, and helps us to close the resource gap  between us and the wall street firms we regulate.<\/p>\n<p>most every other federal financial regulator is independently funded  and i believe the one agency that is charged with protecting investors  should be independently funded as well.<\/p>\n<p>i hope that congress resists efforts by those in the financial world  who would rather see us weakened, than strengthened.<\/p>\n<p>we are working with the senate to strengthen the bill now before it.  our goal is to close what appear now to be minor gaps but which may  become conduits for major market disruptions.<\/p>\n<p>among our priorities are:<\/p>\n<ul>\n<li>strengthening over-the-counter derivatives legislation, to  eliminate regulatory gaps and arbitrage opportunities.<\/li>\n<li>improving the standard of conduct for securities professionals  providing investment advice by lifting broker-dealer duties to clients  to the same fiduciary level required of registered investment advisors \u2014  just as the cfa&#8217;s own standards of conduct require that &#8220;members and  candidates &#8230; act for the benefit of their clients and place their  clients&#8217; interests before their employer&#8217;s or their own \u2026&#8221;<\/li>\n<li>ensuring that oversight of smaller investment advisors is only  transferred to states that require registration and will provide  oversight standards comparable to the sec&#8217;s standards.<\/li>\n<\/ul>\n<p>this is a tremendous opportunity to bring important and needed  improvements to the financial markets. we are looking forward to reform  that truly increases transparency and levels the playing field for  investors and the professionals who advise them.<\/p>\n<p>even as we&#8217;ve worked to upgrade the agency and engage on regulatory  reform, we&#8217;ve kept our focus on the basics of financial transparency.  investors deserve an honest, unvarnished accounting of a company&#8217;s  finances \u2014 and we will challenge anything less when we find it.<\/p>\n<p>as an example, in march 2010, the division of corporation finance  sent letters to the cfos of large financial institutions seeking  detailed information about repurchase agreements, securities lending  transactions, or other transactions involving the transfer of financial  assets \u2014 that is, transactions that may be comparable to lehman  brothers&#8217; &#8220;repo 105&#8221; transactions.<\/p>\n<p>we will use the responses to help determine whether changes in  accounting, disclosure, or to the underlying standards themselves, are  needed to ensure that investors have accurate information about a firm&#8217;s  leverage and risk. you can expect more of these &#8220;dear cfo&#8221; letters, as  our disclosure staff reviews the filings of financially significant  companies more deeply and consistently, and seeks to identify and  address significant trends across companies.<\/p>\n<p><strong>gaap to ifrs<\/strong><\/p>\n<p>major financial reform legislation occasionally leads the national  news. sec re-organizations and rulemaking and issues like repo 105, can  make headlines in the business press or on cnbc.<\/p>\n<p>but a discussion of accounting standards \u2014 and the global convergence  of those standards \u2014 is often limited to specialized journals and a  handful of websites for the kind of people that can tell a repo 105 from  a 401(k).<\/p>\n<p>perhaps because of this lack of coverage, and because of the  complexity of a comprehensive accounting review and the resulting  deliberate pace, a number of myths have sprung up, many suggesting that  that our commitment to a single set of high quality accounting standards  is not particularly strong.<\/p>\n<p>so today, i&#8217;d like to look at a few of the myths and let you know why  you can&#8217;t always believe what you hear.<\/p>\n<p><strong>myth #1: the sec&#8217;s commitment to global accounting standards is not  as strong as it should be.<\/strong><\/p>\n<p>let&#8217;s put this one to rest, right away. and, i can do that by citing  the official text of our commission statement in support of convergence  and global accounting standards. in february we clearly stated:<\/p>\n<blockquote><p>&#8220;the commission continues to believe that a single set of  high-quality globally accepted accounting standards will benefit u.s.  investors and that this goal is consistent with our mission of  protecting investors, maintaining fair, orderly, and efficient markets,  and facilitating capital formation. as a step toward this goal, we  continue to encourage the convergence of u.s. gaap and ifrs and expect  that the differences will become fewer and narrower, over time, as a  result of the convergence project.&#8221;<\/p><\/blockquote>\n<p>that should be clear. so let&#8217;s move on.<\/p>\n<p><strong>myth #2: the u.s. may be committed, but it&#8217;s dragging its feet  regarding adoption of ifrs<\/strong><\/p>\n<p>this too is wrong. to be clear, while i strongly believe in our  commitment to high quality accounting standards, i believe just as  strongly that this commitment is only the beginning of the discussion,  not the end.<\/p>\n<p>the convergence process is critical to the incorporation of ifrs into  the u.s. market. the iasb and fasb must remain vigilant that investors  needs and protection remain paramount throughout the process.<\/p>\n<p>while the fasb and the iasb have been working diligently to reach  common solutions to difficult financial reporting issues, u.s. gaap and  ifrs are currently not converged in a number of key areas. these include  the accounting for financial assets (the very types of securities at  the center of the financial crisis), revenue recognition, consolidation  principles, and leases.<\/p>\n<p>while redoubling efforts to achieve the goal of convergence in a  timely manner is important, a convergence effort that fails to take into  account the due processes of the standard setting bodies will not serve  investors well in the long run.<\/p>\n<p>it is important that we take the time to solicit, receive and analyze  input from companies, investors and other stakeholders who will  ultimately have to put into practice and make use of new standards.<\/p>\n<p>in addition, processes put in place by the fasb and the iasb to  ensure the integrity of the final standards should be respected in both  spirit and letter. giving short shrift to process and testing, would  increase the risk of poor decisions. we are committed to convergence.  but we are committed, above all, to a convergence exercise that yields <em>high-quality<\/em> improvements to accounting standards.<\/p>\n<p>and the fact is, we <em>are<\/em> moving forward. we are executing on a  comprehensive work plan, dedicating significant resources to it and  providing periodic progress reports on it. our next report will be  released in october of this year<\/p>\n<p>this leads naturally to:<\/p>\n<p><strong>myth #3: the united states is fixated on process.<\/strong><\/p>\n<p>inaccurate. the united states <em>understands the importance<\/em> of  process to a successful conclusion. we will not accept shortcuts that  undermine our larger goals or risk compromising the achievement of high  quality global standards.<\/p>\n<p>a critical part of the standards-setting process is ensuring that the  iasb and the fasb are shielded from undue political or commercial  pressure, particularly now, as they work to finalize a number of their  current joint projects.<\/p>\n<p>like the fasb, the iasb has in place structural safeguards designed  to withstand commercial, political, and other influences that might  obscure the goal of high-quality, neutral accounting standards. among  these safeguards is a monitoring board comprised of public capital  market authorities, and of which i am a voting member.<\/p>\n<p>the monitoring board creates an oversight relationship between the  standard-setting organization and governmental authorities. it allows  regulators to ensure that the mandate to protect investors, market  integrity, and capital formation are discharged as convergence moves  forward, and enhances that credibility further.<\/p>\n<p>although it makes the process of agreeing on global standards more  complicated, the presence of the monitoring board \u2014 as well as other  procedural safeguards \u2014 is critical to achieving the best possible  results.<\/p>\n<p><strong>myth #4: america is protecting its parochial interests.<\/strong><\/p>\n<p>no. what we are protecting are the interests of the investors in our  markets, and we always will \u2014 that&#8217;s what the securities and exchange  commission does. when investors \u2014 from anywhere across the globe \u2014  participate in our markets, they come under the sec&#8217;s umbrella of  protection.<\/p>\n<p>but even with this protection, we can and must continue working  together across borders. the global economy is too intertwined and too  interdependent to tolerate parochial interests. our goal is to ensure a  neutral process that results in rules that give capital market  participants everywhere access to information on the financial  performance and position of companies, so that they are able to make  informed economic decisions.<\/p>\n<p>accounting standards must provide transparency for investors, and  must not obscure the truth, even if the truth is painful.<\/p>\n<p><strong>conclusion<\/strong><\/p>\n<p>a process that began in the wake of the accounting frauds early last  decade has become even more important and relevant in the wake of the  global financial crisis. experience has shown that markets need  regulators to function effectively.<\/p>\n<p>but they need investors as well \u2014 investors who have the information  they need to compare performance, evaluate risk, and make rational  decisions.<\/p>\n<p>dramatic efforts to bring light to dark corners of the markets will  help prevent the kind of irrational exuberance and harsh corrections  that have caused so much damage in recent years. but so will attention  to fundamentals, including the &#8220;blocking and tackling&#8221; of financial  reporting within the u.s., and around the world.<\/p>\n<p>creating a system of high-quality, globally accepted accounting  standard that benefits american investors and investors around the world  is a detailed and challenging task. but it is a task we have been eager  to embrace, and to which we remain fully committed.<\/p>\n<p>thank you.<br \/>\n<em>http:\/\/www.sec.gov\/news\/speech\/2010\/spch051810mls.htm<\/em><\/p>\n<div class='shareinpost'><ul class=\"socialwrap row\"><li class=\"icon_text\"><a  rel='nofollow'  target='_blank'  title='https:\/\/www.facebook.com'  href='http:\/\/www.facebook.com\/sharer.php?u=https%3a%2f%2fwww.g005e.com%2f2010%2f05%2f19%2fsec-chief-attacks-three-ifrs-myths%2f&amp;t=sec+chief+attacks+three+ifrs+%e2%80%9cmyths%e2%80%9d'  ><img  src='\/\/www.g005e.com\/wp-content\/plugins\/share-and-follow\/images\/blank.gif'  height='24' width='24'  class='image-24' alt='facebook'  style='background: transparent url(\/\/www.g005e.com\/wp-content\/plugins\/share-and-follow\/default\/24\/sprite-feb-24.png) no-repeat;padding:0;margin:0;height:24px;width:24px;background-position:-300px 0px'   \/> <span 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convergence &#8212; someday &#8212; sec chairman mary shapiro today sought to &#8220;re-affirm our dedication to developing a single set of high-quality, globally-accepted accounting standards.&#8221; and she addressed three &hellip; <a href=\"\/\/www.g005e.com\/2010\/05\/19\/sec-chief-attacks-three-ifrs-myths\/\">continued<\/a><\/p>\n","protected":false},"author":9,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_relevanssi_hide_post":"","_relevanssi_hide_content":"","_relevanssi_pin_for_all":"","_relevanssi_pin_keywords":"","_relevanssi_unpin_keywords":"","_relevanssi_related_keywords":"","_relevanssi_related_include_ids":"","_relevanssi_related_exclude_ids":"","_relevanssi_related_no_append":"","_relevanssi_related_not_related":"","_relevanssi_related_posts":"","_relevanssi_noindex_reason":"","footnotes":""},"categories":[5],"tags":[162,164,65],"class_list":["post-7146","post","type-post","status-publish","format-standard","hentry","category-outlook","tag-global","tag-ifrs","tag-sec"],"acf":[],"yoast_head":"<!-- this site is optimized with the yoast seo plugin v22.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ 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