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Former chairmen of IASB and FASB share thoughts on convergence

  • IASB (International Accounting Standards Board) Image
  • FASB (US Financial Accounting Standards Board) Image

May 26, 2015

On Wednesday April 1, 2015, former IASB Chairman Sir David Tweedie and former FASB Chairman Robert Herz discussed their vision of convergence in a discussion, “Accounting Standards for Global Capital Markets: Past, Present, and Future,” at Baruch College in New York City.

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

The recording of the discussion is available on the Baruch College Web site.

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