During a panel discussion in New York involving former chairmen of the
Securities & Exchange Commision, Arthur Levitt, has said it he did not
believe it was important to have one global accounting system.
Levitt now a senior advisor at The Carlyle Group, told CFO.com: ‘You can’t
[converge], but we can look for better standards. [International convergence] is
politically and culturally impossible.’
William Donaldson disagreed with Levitt and expressed confidence that the
Financial Accounting Standards Board was on course to adopt International
Financial Reporting Standards.
‘The long-term goal of a common standard is a good thing throughout the
world, particularly for U.S. investors,” he said. “The bringing together of two
systems is proper and reflects globalization,’ Donaldson said.
Welcome to our live blog for Spring Budget 2017. Follow our Budget coverage throughout the day, including expert analysis and opinion on the key issues
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