Robert Herz, chairman of the Financial Accounting Standards Board, has said he is in favor of a single set of global accounting standards.

Efforts have been underway to converge U.S. generally accepted accounting principles with international financial reporting standards. Speaking at a conference sponsored by Financial Executives International, Herz said, "I would not be in favor of a U.S. version of IFRS. I'm in favor of getting to a high-quality, single set of standards," according to Thomson Tax & Accounting's Accounting and Compliance Alert.

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