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Former Chairmen of IASB and FASB share thoughts on convergence

  • IFRS - IASB Image
  • FASB (US Financial Accounting Standards Board) (lt blue) Image

May 22, 2015

On May 22, 2015, a recording of an exchange between former IASB Chair Sir David Tweedie and former FASB Chair Robert Herz recorded on April 1, 2015 where they discussed their vision of “Accounting Standards for Global Capital Markets: Past, Present, and Future” at Baruch College in New York City has been made available.

Mr, Herz stated that "I think right now, for good or for bad, in the U.S. we have become very comfortable with the idea that we’ll have U.S. GAAP. If there are things in IFRS that we kind of like or the markets like, maybe we’ll consider adopting those, but there’s no systematic program to further converge at this point".

Mr. Teedie replied that “You can have international standards without the U.S., but you can’t have global standards without the U.S.”.

Please click to access the recording of the discussion, which lasted about one hour, on the Baruch college website.

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