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Panel discussion with Sir David Tweedie, Bob Herz, and Paul Cherry on the future of accounting

  • AICPA (American Institute of CPAs) Image

Apr 27, 2012

On April 24, the AICPA and the Institute of Chartered Accountants of Scotland (ICAS) hosted a panel discussion, "Shaping the Future: Lessons from Accounting Standards Leaders," that featured the former chairmen of the Canadian Accounting Standards Board, the FASB, and the IASB.

The discussions at this invitation-only event touched on the big questions of:

  • U.S. adoption of IFRSs — Sir David claimed that the world is waiting for the United States to move and has been doing so for a long time.
  • Small and medium-size entities in the United States — 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 — 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.
  • Political pressure on standard-setting processes — Bob Herz stated that it is simply not realistic to wish for a world in which politicians do not try to influence standard setting.

The hosting organizations 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 the AICPA's Web site).
  • ICAS — A short summary of the event is available here (link to the ICAS's Web site); a full report of the debate, including video clips, is expected to be posted soon.

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