US - IFRS critic Niemeier to leave PCAOB

Charles D. Niemeier, a prominent critic of the proposed US transition to International Financial Reporting Standards (IFRS), has announced that he will leave the Public Company Accounting Oversight Board (PCAOB). He said in a speech last September that moving to IFRS would be a setback both for business and the US regulatory system. "We have the lowest cost of capital in the world. Do we really want to give that up?" he told a meeting of the New York State Society of CPAs. (Read "IFRS Critic to Leave Accounting Firm Regulator" and related articles at CFO.com.)