I'm standing shoulder to shoulder with you in the front lines. Your idea about competition between the International Accounting Standards Board and the Financial Accounting Standards Board ("Rethinking the rush toward convergence," Accounting Today, April 6-19, 2009, page 15) was new to me, but reflected an underlying reality.
The people in London complain that they don't have the resources that FASB has, so your point about funding is absolutely correct. In the U.S., Congress mandated Sarbanes-Oxley and put in place in one legislative directive full funding for FASB and the Public Company Accounting Oversight Board. Who will make the same decisions for 100 diverse countries? You mention the European Union, but even if they were united at the hip all the way, that leaves Nigeria and Venezuela and China, some of our very closest friends who would like nothing better than to help improve U.S. accounting - not!
Yet if the IASB runs roughshod over Third World economies, there will be a different type of complaint from liberal do-gooders. Seriously, you guys get an A+ for the article.
Who says that professors shouldn't be graded?
Alfred M. King
Marshall & Stevens
(c) 2009 Accounting Today and SourceMedia, Inc. All Rights Reserved.
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