All GLG News Analyses Filed Under: Exchange & Other Regulatory Bodies

Paul MillerProfessorREGENTS OF THE UNIVERSITY OF COLORADO

Accounting for subprime investments: Denial is not a river in Egypt

April 7, 2008

Analysis of:SEC fails to douse debate over ‘fair value’ | www.ft.com

This article reveals the bizarre mindset of managers who (a) want to take huge risks for a shot at high returns, (b) don’t mind reporting results when they succeed, but (c) don’t want to report their losses. To put it another way, they want to invest in risky securities but report income from their ventures as if they put money into certificates of deposit. There is no legitimacy in twisting the accounting to cover up the results, and no reason to blame the chief accountant or FASB for the problem, or to expect the regulators to take them off the hook by allowing the losses to be hidden.

Robert McCabePartnerMcCabe & Associates, PhDs

Should Sovereign-wealth funds be regulated?

February 19, 2008

Analysis of:The invasion of the sovereign-wealth funds: The biggest worry about rich Arab and Asian states buying up Wall Street is the potential backlash. | www.economist.com

Is the fear of sovereign-wealth funds justified? Are sovereign funds being used for nefarious objectives? Can the U.S. Securities & Exchange Commission regulate sovereign funds? 

Robert McCabePartnerMcCabe & Associates, PhDs

Will IFRS be required soon?

January 24, 2008

Analysis of:ACCEPTANCE FROM FOREIGN PRIVATE ISSUERS OF FINANCIAL TO U.S. GAAP | sec.gov

Recently, the SEC eliminated the GAAP reconciliation requirement as part of Form 20-F for foreign issuers.  Almost simulaneiously, the Commssion issued a Concept Release that would allow U.S. issuers to drop GAAP and use Interantional Financial Reporting Standards.  The implications of these moves are vast and the author believes are at best premature. 

Nitish GroverPrincipal, OwnerNitish Grover and Associates

American and Indian Stock Markets - The Deepening Connection - Accounting, Auditing and Money Laundering Oversight

January 16, 2008

Analysis of:US SEC deepens ties with India's SEBI | economictimes.indiatimes.com

The growing importance of  the  Indian bourses in the  emerging  markets and  the  manner  in which capital is  getting  attracted to India  from the  United  States  and  also  the  amount of  M&A  activity taking place between  the  companies in the  two countries is giving rise  to  increased cooperation  in the sphere of  market and  economic  regulatory oversight. Accounting standards, auditing procedures and  money laundering are major areas  of  concern  for both the  SEC and SEBI. In this analysis I  look  at  where  this  increased cooperation is heading.

A Few More “Tidbits” on a “Potential” Insider Trading Scandal – Stay Tuned!

October 18, 2007

Analysis by: GLG Expert Contributor

Analysis of:SEC Reviews Countrywide CEO Stock Sales | online.wsj.com

The SEC is seriously looking into the potential for manipulation relating to the use of “10b5-1” stock-trading plans for corporate executives.  The ultimate fear is that certain executives are in fact trading on insider information and using these trading plans as a cover.  There have been some recent developments relating to the potential abuse of 10b5-1 plans involving Countrywide Financial (CFC).  Importantly, the potential manipulations of these trading plans by a broad base of executives is being regularly compared to as the next "high-profile" option backdating scandal.  

Wait and see

October 17, 2007

Analysis by: GLG Expert Contributor

Analysis of:How to Simplify Accounting in One Year | www.cfo.com

Potential cost savings for foreign groups if IFRS based accounts become acceptable to SEC. Humbling effect of US becoming just a player, albeit still a major one, in the global capital markets It remains to be seen whether this is an exercise to ensure that US authorities seen as doing something about their box ticking culture or it will actually bring a fundamental change to US mentality on compliance. Similar initiative, if ultimately implemented, on corporate governance will prove popular with foreign groups who would like to get listed in the US. The whole idea is to make US more attractive destination for capital but potential problems with implementation is the key concern.

Reducing Complexity in Financial Reporting – Moving One Step Forward and Two Steps Back?

October 15, 2007

Analysis by: GLG Expert Contributor

Analysis of:How to Simplify Accounting in One Year | www.cfo.com

The SEC and FASB (and others) in recent years have been helping to lead a major national effort to reduce the complexity in financial reporting.  The analysis section below argues these parties will be fighting quite a headwind going forward with the significant number of new, pending and proposed accounting standards and projects in the works – which will probably only further increase the complexity of financial reporting. 

Eliminating U.S. GAAP Reconciliation – An Idea That’s Probably Ahead of its Time

October 2, 2007

Analysis by: GLG Expert Contributor

Analysis of:ITAC Letter Addressed to the SEC - dated 8/31/07 | sec.gov

In order to list on U.S. exchanges, the SEC currently requires foreign companies which prepare financials using international accounting standards (such as IFRS) to reconcile their reports to U.S. GAAP. The SEC is seriously considering allowing foreign companies to eliminate the required reconciliation to U.S. GAAP under specific circumstances.  The "Analysis" section below discusses (1) why the SEC is looking to eliminate the reconcililation, (2) why this proposal may be premature and (3) why investors should care about this proposed change in financial reporting.

SEC charge the real culprits, the former CFO and ex-CEO of Quovadx

July 20, 2007

Analysis by: GLG Expert Contributor

Analysis of:CFO, CEO Inflated Revenue, SEC Charges | www.cfo.com

SEC take action charge against the the CFO and ex-CEO of Quovadx. boring of seeing shareholders and creditors charge against auditors. new regulation or guideline for appointment of CFO and CEO.

Enron Case, A Never Ending Nightmare.

July 2, 2007

Analysis by: GLG Expert Contributor

Analysis of:Supreme Court Delays Enron Case | www.cfo.com

Enron's shareholders, the fraud is for you. Should the shareholders not profit directed but more performance direct. SEC or the government should clarified the responsibilty of the banks and audit firms not by shareholders.

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