Financial Executives International Daily
BY Leena Roselli and Lorraine Malonza
New York (April 7th, 2015)
: Bob Herz began the discussion by sharing why the first attempt at convergence was successful: “the forces came together” meaning the markets were in the perfect position to develop a high quality uniform standard post-Enron. He explained “One of the things that came out of the series of scandals was a look at the financial reporting systems – whether it was about corporate governance, the auditors, and in some cases ‘how good are our accounting standards there were questions about the invincibility and fallibility of accounting standards – and it came at a time when the capital markets were continuing to globalize.” He also shared that the convergence was heavily supported by members of Congress and the SEC , “there was a fair amount of support of a systematic way to bring the two standards together and in the process improve accounting and reporting.”
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