More NewsFormer SEC chairman dismisses global standards

Former SEC chairman dismisses global standards

Donaldson and Levitt disagree on benefits of International Accounting Standards

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.

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