The SEC has announced it’s going to be including companies’ external auditors in their investigation into options timing abuses commonly known as backdating. Authorities were said to be looking at what auditors knew about company manipulation of options’ grant dates and exercise prices to boost their value to executives who got them. About 30 companiesContinue reading “SEC looking into auditors in options backdating investigation”
Author Archives: Neil
Google spreadsheet app will not catch on
According to Om Malik, Google is rumored to be coming out with an online spreadsheet application tomorrow, but I don’t think it’s going to have much of an impact. Why? Well, in my experience at least, everything I do in Excel is with data that I don’t want anyone, even Google (imagine that), to haveContinue reading “Google spreadsheet app will not catch on”
More discussion of rules versus principles
Dennis over at AccMan Pro has commented on the difference between rules-based US GAAP and international principles-based IFRS, and his thoughts echo mine: Recent commentary has suggested the idea of convergence between US GAAP and IFRS won’t happen until hell freezes over. I’ve long held the view that the rules based US GAAP system isContinue reading “More discussion of rules versus principles”
Lease accounting to get overhaul
Apparently FASB is going to overhaul the US GAAP for leases. I’m not sure what exactly is going to be changed, or why it needs changing, but it’ll be interesting to see. Of course, Canadian standards are moving towards harmonization with International Financial Reporting Standards (IFRS), so we might not see Canada following the USContinue reading “Lease accounting to get overhaul”
Bank of Canada chief pushes smarter provincial sales tax
David Dodge, the governor of the Bank of Canada and the current architect of our monetary policy, suggested the province of Ontario should revamp the provincial sales tax (PST) to more closely resemble the value-added federal GST in a rare appearance before the Commons industry committee. The suggestion is a solid one, as it wouldContinue reading “Bank of Canada chief pushes smarter provincial sales tax”