CIFIRCanadian Institute for Food Inspection and Regulation
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In August of 2008, the chairman of CIFiR presented the final report containing recommendations that can be implemented by the SEC, the Financial Accounting Standards Board (FASB), and the Public Company Accounting Oversight Board (PCAOB).
The CIFiR recommendations highlight the need to simplify the level of detailed guidance in U.S.
1, 2008, the CIFiR Final Report contains 25 recommendations.
In July 2007, the SEC chartered the 17-member CIFiR, whose mandate was to examine the U.S.
CIFiR has made several preliminary recommendations that cover a wide range of improvements in financial reporting, including opportunities to eliminate unnecessary complexity.
JofA: What is the ultimate goal of CIFiR, and how will you measure progress toward achieving it?
Last fall, the SEC Advisory Committee on Improvements to Financial Reporting (CIFiR) finalized its recommendations intended to increase the usefulness of financial information to investors as well as reduce the complexity in financial reporting.
In just a short amount of time, IMA has served as a thought leader in a number of sessions sponsored by the SEC Advisory Committee on Improvements to Financial Reporting (CIFiR).We've made various contributions to SOX 404b guidelines as well as to a cost/benefit study currently under review with the SEC.
Cox: The recent CIFiR [Committee on Improvements to Financial Reporting] recommendations, including those related to auditors' use of judgment, are instructive in this regard.
In 2007, increasing concerns regarding complexity issues in financial reporting led the SEC to form and launch its advisory Committee on Improvements to Financial Reporting (CIFiR).
1, 2008 (for calendar year companies) of FAS 141R, Business Combinations; improvements to financial reporting as suggested by the SEC Advisory Committee on improvements to financial reporting (CIFiR); and proposed mandate of financial statement filings in extensible Business Reporting Language (XBRL).