J.H. Cohn Urges SEC to Phase in New Reporting Mandate

National accounting giant of J.H. Cohn LLP is appealing to the Securities and Exchange Commission to phase in the immanent adopting in the U.S. of international financial reporting standards, an advent which will fundamentally change the way financial reporting will be done domestically. In comments submitted to the commission, J.H. Cohn expressed “support of the objectives of the proposed roadmap” to the new reporting standards, agreeing “that a uniform set of accounting standards provides real economic benefits to various constituents.” The Good, Swartz, Brown & Burns division of J.H. Cohn is located in Woodland Hills Among the firm’s wish list for inaugurating international standards in the U.S. were calls for proactive leadership by the SEC vis- & #341;-vis IRFS; proposed roadmap milestones; contingent nature of the SEC’s decision to convert the nation to IRFS; proposed staggered adoption of the new standard’s provisions; conversion considerations (such as allowing for a one-year overlapping of current standards and IFRS; a continuing role for the Financial Accounting Standards Board in determining U.S. generally accepted accounting practices. “An orderly transition to (international standards) will require modifications to accounting policies, information technology systems and business processes,” said William A. Kowals, J.H. Cohn partner and chairman of the J.H. Cohn IFRS Committee. “As such, issuers are urged to begin their transition planning early.” Thom Senzee