Former SEC chairman dismisses global standards
Donaldson and Levitt disagree on benefits of International Accounting 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.
The numbers you crunch tell a story. Your expertis...
18yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleNationwide acquires Virgin Money for £2.9 billion, becoming the UK's second-largest mortgage lender and significantly altering the financial sector's ...
View articleThe Bank of England maintains the interest rate at 5.25%, reflecting optimism for economic recovery and potential future rate cuts, amidst signs of ea...
View articleUK wage growth cools, sparking debate within the Bank of England. Will a slowdown be enough to tame inflation and avoid interest rate hikes? Household...
View articleWorking parents can save on Easter childcare with the Tax-Free Childcare scheme. Read More...
View articleUK's accounting watchdog, the FRC, eyes a move out of London's financial center by year-end. Canary Wharf or Stratford are potential new hubs, reflect...
View articleSmall businesses within the UK will be allowed to take out loans up to £50k, with all loans guaranteed at the same interest rate Read More...
View articleAmidst cancelled exams and revoked internships, there are concerns that the accountants of the future are being left behind Read More...
View articleData security experts warn accountants that phishing and hacking schemes are on the rise, putting firms at risk of GDPR fines and data breaches Read M...
View article