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Bush Budget: SEC Would Get Slim Increase

President Bush released his budget for fiscal 2009.  Funding for the SEC would rise less than 1% to $914 million. Rueters has this story

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Filed under: REAL WORLD

FASB Publishes Codification for Public Verification

Over the past several years, the FASB has been working to codify, by topic, existing U.S. GAAP into a single, online source.  Last week, the FASB issued its long-awaited Codification for public comment.  The Codification does is not intended to change existing GAAP, just make it easier to access and navigate.  The FASB is seeking user feedback during a one-year free trial, on whether the codification represents U.S. GAAP.  Users can sign-up here:  http://asc.fasb.org/  

Filed under: REAL WORLD

SEC xBRL Webcast

The SEC is expected to make a major announcement this morning regarding its xBRL, interactive data initiatives.  You can access the webcast, here

Filed under: REAL WORLD, xbrl

Call to Revise FASB Statement No. 123R

Graef Crystal of Bloomberg News argues: FASB Should Revise Stock Options’ Earnings Rule

Filed under: REAL WORLD

Securities and Exchange Commissioner to Leave

The SEC announced today that Commissioner Roel C. Campos will leave the Commission to return to the private sector. Mr. Campos is one of two Democratic commissioners on the SEC.

Filed under: REAL WORLD

SEC Charges Former Nicor Gas Executives

The SEC announced civil charges against three former senior executives of Nicor Gas, Chicago-based distributor of natural gas. The SEC alleges that the three executives:

participated in devising a method by which Nicor could profit by accessing its low-cost last-in, first-out (“LIFO”) layers of gas inventory. As a result, from 1999 through 2002, the former officer defendants engaged in or approved improper transactions, and made material misrepresentations in financial statements and documents filed with the Commission.

 The SEC’s complaint in this matter is available, here

Filed under: REAL WORLD

SEC Issues IFRS Concept Release

As expected, the SEC issued a Concept Release that seeks input on the concept of allowing US issuers chose between US GAAP and International Financial Reporting Standards.  The SEC is providing a 90 day comment period.

Filed under: REAL WORLD

First Stock Options Backdating Trial Ends In Guilty Verdict

According to this story reported by the AP, former Brocade Communications Systems Inc. CEO Gregory Reyes was convicted Tuesday of defrauding investors for backdating stock options.

Filed under: REAL WORLD

SEC Files Fraud Charges Against First BanCorp

The SEC announced today that it has filed financial fraud charges against First BanCorp alleging “that former senior management of the NYSE-listed, Puerto Rico-based bank holding company concealed the true nature of more than $4 billion worth of transactions involving “non-conforming” residential mortgages.”  The Complain against First BanCorp is available, here.

Filed under: REAL WORLD

SEC Chairman Cox: Financial Reporting Has Become To Complex

SEC Chairman Christopher Cox welcomed the members of the new SEC Advisory Committee on Improvements to Financial Reporting at its first meeting on August 2.  Mr. Cox indicated:

  

The truth is, financial reporting has become overly complex. That means not only are financial statements difficult for investors to understand, but also companies incur excessive costs as a result of complying with voluminous and overly prescriptive accounting and reporting rules.

The Advisory Committee is expected to make recommendations to the SEC on how to make the US financial reporting system less complex and more investor friendly.

Filed under: REAL WORLD

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  • Should Feed Readers Count Unread Items? April 2, 2014
    Brent Simmons, the developer of the NetNewsWire RSS reader, is questioning his decision to put an unread count next to each feed, reasoning that it encourages people to be too obsessive about reading every item:Instead of a dozen bookmarks, people had a hundred feeds. Or two hundred. Or two thousand.And there was a tyranny behind keeping track of unread item […]
  • WordPress Uses RSS as Blog Export Format March 11, 2014
    If you export your WordPress blog, it is delivered to you as an RSS feed that holds all of the blog's entries, pages and comments. WordPress makes use of five namespaces and calls the format WordPress eXtended RSS (WXR). I'm working on a Java application that converts a WXR file into a set of static HTML pages.
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