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Convergence – Past, Present and Future

On Wednesday April 1st, 2015 former FASB Chair Robert Herz and former IASB chair Sir David Tweedie were invited to Baruch College to discuss their vision of Accounting Standards for Global Capital Markets: Past, Present, and Future.

Convergence – Past, Present and Future

Financial Executives International Daily
BY Leena Roselli and Lorraine Malonza

New York (April 7th, 2015)

The Past: 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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