By Marie Leone: Financial Accounting Standards Board chairman Robert Herz said on Friday morning at an industry conference that he expects that U.S. companies will eventually be made to follow a single accounting standard. That standard, he said, would be International Financial Reporting Standards, not U.S. Generally Accepted Accounting Principles.
Herz is calling for a national plan that would consist of timetables, tasks, and education efforts to move American companies off U.S. GAAP and on to a single global standard. "I don't believe in a two-GAAP system," he said.
Read complete article Sweeping Away GAAP
Source: CFO.com, 28 September 2007. © CFO Publishing Corporation 2007. All rights reserved.
