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ANALYSIS
March 2, 2009
Sagging Index no longer reflects what’s going on in the market, some say, Replacements? Google it, to start.
March 2, 2009
Downward price spiral will actually boost the cost of capital for most companies. CFOS, take note.
March 2, 2009
The latest bailout at AIG could be a preview of how the president will deal with Wall Street.
March 2, 2009
No corporate defaults. Big debt offerings. Percolating CP issuance. Things may be looking up in the capital markets.
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November 18, 2008 3:52 PM ET
General Motors won’t be part of the pool of companies adopting international financial reporting standards early. The automaker is currently focusing on trying to avoid bankruptcy and secure government assistance. But even if GM weren’t in such a dire situation, it’s unlikely it would adopt IFRS early, an option offered by the SEC. “Originally, I was looking at, ‘Should GM be a first mover,’” Nick Cyprus, controller and chief accounting officer at GM, said during a panel at the Current Financial Reporting Issues conference in New York Monday. “As I got to understand it more, [I realized] there’s no first-mover advantage here.” Under the Securities and Exchange Commission roadmap released last week, at least 110 companies would be eligible to begin using the new standards as early as next year, with all U.S. publicly traded companies required to use IFRS by 2014. One of Mr. Cyprus’ main concerns is that convergence between IFRS and U.S. generally accepted accounting principles is still ongoing and some rules could change even after early adopters transition to IFRS. “Convergence is key to me,” he said. “There needs to be convergence before I lead. You won’t see us trying to implement this thing too quickly.” Mr. Cyprus said he’s also concerned about the cost of transitioning the automaker from U.S. GAAP to IFRS. He said he doesn’t want GM to pay the price just to serve as a test for other U.S. companies. Late last week, the SEC estimated the transition will cost each early adopter $32 million over the first three years of filing form 10-K under IFRS. “If you think we’re going to lead the way and spend a lot of money, we’re not going to do it,” Mr. Cyprus said.
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Latest News
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