Accounting Standards Convergence in Five Years?

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Accounting Standards Convergence in Five Years?

June 20, 2006 12:00 PM
From BusinessFinanceLink, Issue #331

Last week, during testimony before the Senate Banking Committee, Sir David Tweedie, chairman of the International Accounting Standards Board (IASB) and FASB chairman Robert Herz were quite bullish on the prospects for the convergence of U.S. and global accounting standards within the next half decade or sooner. The Big Four are also starting to take International Financial Reporting Standards (IFRS) more seriously -- albeit cautiously -- with KPMG issuing a recent report that asks more questions than it answers about the drive to establish one global accounting language.