Accounting Standards For Global Capital Markets: Past, Present and Future

This video features a discussion by Robert Herz, former Chairman of the Financial Accounting Standards Board (FASB) (2002-2010) and Sir David Tweedie, first chairman of the International Accounting Standards Board (IASB) (January 2001-June 2011), who discuss challenges and highlights in the efforts to converge U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) during their years at the IASB and the FASB. The IASB and the FASB cooperated on important joint projects in a special arrangement ushered in with the 2002 Norwalk Agreement that lasted until shortly after Tweedie’s retirement. Both passionate advocates for globalization, they witnessed the adoption of IFRS by most of the industrialized world and the lifting of the reconciliation requirement to U.S. GAAP for foreign issuers listed on U.S. exchanges.