FASB Chief to speak on fair value

The head of the American standard setter will debate the role played by
accounting in the post-crisis world in an event organised by a UK accounting
body, next month.

Robert Herz, Chairman of the Financial Accounting Standards Board (FASB),
could hardly have picked a better time to debate questions around fair-value
accounting and whether accounting should underpin financial stability.

The ICAEW will be chairing the debate which takes place during August in New
York. The event will come less than a week after the Financial Crisis Advisory
Group, a leading group of financial experts, released a report which found
accounting rules where not a `root cause’ of the financial crisis and that rule
makers should not be subject to political pressure.

Robert Hodgkinson, ICAEW Executive Director, described Herz as a `witty and
illuminating’ speaker and hoped the discussion would be unpredictable.

Hodgkinson believes accounting rules brought financial issues to the surface
earlier than other accounting methods would have done but despite this `standard
setters are still facing massive pressure from policy-makers to make quick
amendments to fair value standards.’

Find out more information about the event:
Accounting at a
Tipping Point

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Fiona Westwood of Smith and Williamson.