Panel discussion with Sir David Tweedie, Bob Herz and Paul Cherry on the future of accounting
On April 24, the American Institute of CPAs (AICPA) and the Institute of Chartered Accountants of Scotland (ICAS) hosted a panel discussion entitled 'Shaping the Future: Lessons from Accounting Standards Leaders' that featured the former chairmen of the Canadian Accounting Standards Board, the Financial Accounting Standards Board and the International Accounting Standards Board.
The discussions at this invitation only event touched on the big questions of:
- US adoption of IFRSs, where Sir David claimed that the world is waiting for the US to move and has been doing so for a long time;
- Small and medium-size entities in the US, where the Financial Accounting Foundation (FAF) is expected to decide in May whether a separate council for accounting by private companies will be created;
- Integrated reporting, where the Chairman of the IASB's IFRS Advisory Council Paul Cherry had to admit that there is a certain reluctance regarding this topic among the Council members; and
- Political pressure on standard setting processes, where Bob Herz stated that it is simply not realistic to wish for a world where politicians do not try to influence standard setting.
So far, the hosting organisations of the panel discussion have published the following information:
- AICPA: A section on media and photo coverage as well as information on the panelists and moderators is availbale on this dedicated page (link to AICPA website);
- ICAS: A short summary of the event is already available here (link to ICAS website); a full report of the debate, including video clips, is expected to be posted soon.