Nevada just passed new legislation that in effect, mandates the provisions of PCI DSS for businesses and other entities that handle non-public personal information. You can read it yourself here, or see additional details and commentary can be found at BankInfoSecurity.com.
Analysis and Commentary, Legislation
IFRS: The New Cash Cow
Last Friday the SEC released its new roadmap for migrating U.S. companies from U.S. GAAP (Generally Accepted Accounting Principles) to IFRS (International Financial Reporting Standards). According to the article:
“…all publicly traded U.S. companies would be required to use IFRS within six years. However, at least 110 companies could use the international rules as early as next year, depending on their size and their industry. The SEC predicts that those companies would each incur about $32 million in additional costs in the 10-Ks they file in 2010.”
For everyone else, the SEC estimates that U.S. companies will spend between 0.125 percent and 0.13 percent of their revenue on making the transition to international financial reporting standards from U.S. GAAP in the first year of filing. This is just more evidence that the new revenue stream the accounting firms have been waiting for is here. Some of my former Big 4 colleagues (including a partner) have come out and told me as much. The big difference though between SOX and IFRS is that once companies have made the transition, that’s it. In other words, unlike SOX, IFRS has an end date.
It should also be noted that this timeline could change once Barack Obama takes office in January. SEC chairman Christopher Cox is a Republican, and he has indicated he will resign early next year. Comments to the roadmap are due in mid-February, so we’ll have to wait and see what the final version will look like.
SEC Told to Mandate XBRL
On January 18th I wrote an article discussing how the proposed adoption of XBRL (Extensible Business Reporting Language) will drive up compliance costs and provide auditing firms with another revenue stream. Well, according to this article at CFO.com, an SEC advisory committee is paving the way for the regulator to require companies to turn their traditional financial statements into more easily searchable, comparable, and interactive documents.
FFIEC compliance nearly universal among banks?
According to this short news item , ninety-five percent of US banks are either in compliance or very close to compliance with the online security measures mandated by the Federal Financial Institutions Examination Council (FFIEC), according to recent research. I cannot express how much I question the results of this research.
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