Accounting Firms Try to Block New PCAOB Disclosure Rules for Auditors

Accounting firms try to block new US disclosure rules about auditors

Accounting firms are trying to block new rules that would reveal how many hours are being worked by auditors of US public companies, and how much training and experience they have, saying the information risks being misinterpreted by investors.

The Public Company Accounting Oversight Board, which regulates the profession, approved the new disclosure requirements in November but they cannot go into force unless rubber stamped by the Securities and Exchange Commission, which has received a flurry of letters in opposition.

More Closure Information: Are Snow Days a Thing of the Past?

Which brings me today, where the region is experiencing anywhere from four to ten inches of snow, with more falling in the DC area than near my home. Given the impact of the storm on DC, the U.S. Office of Personnel Management has announced an “Office Closure” in Washington, DC.[…]

Back in my days at the SEC, a notice like this would have meant a full fledged “snow day” for government workers, just like when we were kids in school. In retrospect, I loved snow days as both an adult and a child, because it gave us some time to enjoy the magic of the snow and get an unexpected break from school or work. But alas, as with so many things, technology has robbed us of this simple pleasure, because the reality is that the vast majority of folks in the SEC’s Division of Corporation of Finance are telework employees or remote workers, so they must continue to work today, notwithstanding the white stuff outside. This also means that today is still a “business day” for filing purposes and, as far as we know, EDGAR will remain up and running despite the precipitation.

SEC Democratic Seats at Risk as Crypto Groups Scuttle Biden Pick

The SEC is now poised to move ahead without any Democratic commissioners owing partly to the crypto groups’ anti-Crenshaw push, which outgoing Senate Banking Committee Chairman Sherrod Brown (D-Ohio) described as a “disgusting smear campaign” after the panel scrapped a vote on her nomination last month.

President-elect Donald Trump’s pick for SEC chair, Republican and former commissioner Paul Atkins, is expected to helm the agency with a decidedly lighter touch on crypto, climate disclosures, and other issues—a change that would be eased by an all-GOP commission. Trump could simply name Atkins to replace Crenshaw, whose term expired last year.

Crypto Could Go Rogue in 2025

I am tempted to blame my job for my failure to buy crypto; for a (fake-ish) financial journalist that sort of speculation is out of bounds. But the truth is, I never would have bought Bitcoin anyway. Because I am dumb.

A decade ago, when my more financially literate friends were taking flyers on crypto, I thought they were foolish. I assumed that you’d never be able to actually buy anything with it. When that proved wrong, I assumed virtual currency was hugely overvalued. When that proved wrong, the crypto winters hit, and I assumed Bitcoin was toast. Now, with it dancing close to $100,000 a pop, I have to admit I am not just dumb, but dumb again and again. This despite the repeated reminders from of my former colleague Niall Ferguson, who is not dumb, that winter is invariably followed by spring.

Crypto Lands in Washington as Less-Than-Unified Political Force

And while the ushering in of a crypto-friendly administration presents an opportunity that many describe as once-in-a-lifetime, it’s also uncharted territory for an industry whose relationship with politicians and regulators has often been fraught. Whether it’s giving the appearance that proximity equals power or being divided on legislative priorities, the crypto industry is coming head-to-head with a new challenge: how best to navigate the maze of power and influence in the nation’s capital as a unified front.[…]

Yet despite clarity on who will be advising Trump, the contours of the policies they will recommend remain anyone’s guess.

“When you get down to the nuts and bolts of it, those in crypto probably don’t agree on the actual policy that will take us forward,” said Neeraj Agrawal, director of communications at the Washington-based crypto research and advocacy nonprofit Coin Center. “And they definitely don’t agree on what the priorities should be.”