U.S. companies in no hurry to make departure from GAAP

Switching U.S. companies from GAAP to IFRS was supposed to be Christopher Cox’s legacy to the SEC. So perhaps it’s all for the best that by time the comments rolled in on his landmark proposal in Release No. 33-8982, Roadmap for the Potential Use of Financial Statements Prepared in Accordance with International Financial Reporting Standards by U.S. Issuers, Cox was gone from the agency. Many companies that were supposed to be among the chief beneficiaries of the biggest change in accounting rules in decades would rather see things change much more slowly than the SEC has in mind.

SourceCorp Announces Partnership with EPA’s ENERGY STAR® Program

April 3, 2009, Fort Worth, TX – SourceCorp today announced a fundamental commitment to protect the environment by becoming an ENERGY STAR partner. SourceCorp through its voluntary partnership with the U.S. Environmental Protection Agency’s ENERGY STAR Program, will work to improve energy efficiency and fight global warming. SourceCorp believes that a strategic, corporate energy management program will help us enhance our financial health and aid in preserving the environment for future generations.

Jewelers of America Opposes LIFO Repeal

Jewelers of America (JA), the national trade association for businesses serving the fine jewelry retail marketplace, has initiated a campaign to aggressively oppose a repeal of the last-in, first-out (LIFO) inventory accounting method, which President Barack Obama has proposed in his fiscal year 2010 budget. “This repeal would be a potentially fatal blow to companies in the jewelry industry that use LIFO,” said Matthew A. Runci, JA president and chief executive officer (CEO).

FEI criticizes Obama’s LIFO repeal proposal

Financial Executives International wants any changes to corporate tax rates to be considered within a broad review of the tax code. The trade group is asking Congress to reject the proposed changes in President Obama’s budget. It fears that the changes will unfairly impose extra costs on U.S. businesses.