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FASB's Herz Chooses IFRS Over GAAP Oct. 1, 2007 Financial Accounting Standards Board Chairman Robert Herz said he wants to see a single accounting standard, and that it should be International Financial Reporting Standards, not U.S. GAAP, according to CFO.com. Speaking at the Financial Executives International annual conference on financial reporting and convergence last week, Herz said he doesn't believe in a two-GAAP system or offering a GAAP-IFRS choice to companies because it undermines the goal of getting to a single standard. U.S. GAAP's 25,000 pages of standards and guidance need to be simplified to make it more principles-based -- IFRS is just 2,500 pages. Herz acknowledged that that will require a lot of work on pension, leases, revenue recognition, and financial statement presentation, said CFO.com. Source: CFO.com, "Sweeping Away GAAP." Sept. 28, 2007. 2007 SmartPros Ltd. All rights reserved. |
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