Tag Archives: November 2008

Seidman & O’Dell Look at IFRS

State Board Report November 2008 It makes sense that there be a single set of high quality accounting standards around the world, Financial Accounting Standards Board Member Leslie F. Seidman told the Annual Meeting audience. Over the years, the differences between the standards issued by the International Accounting Standards Board and the FASB have been narrowed,…

Olson & Bunting Kickoff Forum

State Board Report November 2008 Mark Olson, chairman of the Public Company Accounting Oversight Board, and Robert Bunting, deputy chairman of the International Federation of Accountants, were the first speakers to address a joint session of the International Accounting Regulators Forum and the NASBA Annual Meeting. Chairman Olson discussed how the PCAOB is relying on…

101st Annual Sees Road Less Traveled

State Board Report November 2008 “Great success comes when you take a different path – the path that has not been laid out yet,” President David A. Costello told the 101st NASBA Annual Meeting, held October 26‐29 in Boston. The meeting drew representatives from 52 state accountancy boards, including 132 delegates, 34 associates, 50 administrative…

Silvers Supports Regulators

State Board Report November 2008 The importance of investor protection was underscored at the Annual Meeting by Damon Silvers, Esq., who represents the AFL –CIO’s 12,000,000 members that have invested $3 trillion. A member of the Treasury Department’s Advisory Committee on the Auditing Profession, Mr. Silvers observed that ACAP’s work began about 14 months ago…

Nicolaisen Calls for Federally Chartered Firms

State Board Report November 2008 As NASBA’s Annual Meeting keynote speaker Donald T. Nicolaisen highlighted the some of the final 31 recommendations of the US Treasury Department’s Advisory Committee on the Auditing Profession (ACAP) (see sbr 10/08), he surprised many in the audience with his call for “Federally Chartered Audit Firms.” He pointed out the…

Enforcement Gets Increased Attention

State Board Report November 2008 Effective enforcement was the topic of an Annual Meeting panel session that looked at communication with the PCAOB, among the boards and with NASBA. PCAOB Director‐ Division of Enforcement Claudius Modesti told the boards, “I am open minded in thinking about coordinating our efforts.” He explained, “If there are avenues…