The World According to GAAP

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03 May 2001

Writing in the Financial Times, 1 May 2001, former US SEC Chairman Arthur Levitt focuses on The World According to GAAP: Investors, public companies, accounting firms, stock markets and regulators around the world today face one of the great challenges for the global financial system's future: how to fashion an enduring system of comparable, uniform and high-quality financial reporting that is accepted just as much in Europe as it is in the US, and in developed countries as in emerging ones.

It is a challenge born less out of crisis and more out of evolutionary progress.... As regulators around the world continue the process of developing a set of international accounting standards, some would like the US to embrace standards that would be of higher quality than those currently used in many countries but less rigorous than US GAAP. That would be a mistake.

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