SEC may go slow on IFRS under Schapiro

Summary: At her nomination hearing, Mary Schapiro said she is ready to head the SEC and reinvigorate its enforcement role. However, President-elect Barack Obama’s choice to run the agency is not committed to pushing the U.S. to adopt international accounting rules, marking a clear departure from one of the main priorities of Christopher Cox, whose term at the agency’s helm is about to close.

Obama Stimulus Plan: Vehicle-Pooling Method Can Save Dealerships Big Money

At a time when most auto dealerships are struggling to survive, the Vehicle-Pooling Method change creates additional deductions that can be carried back up to five years under President-elect Obama’s proposed stimulus plan. Now is the time to realize immediate cash savings due to the higher LIFO Reserve associated with the Vehicle-Pooling Method.

Obama’s plan calls for extending the net operating loss carryback to five years, up from the two-year current carryback period. This means that current losses from the 2008 tax year can offset more past income, meaning tax refunds and immediate additional cash.