New York (Nov. 20, 2002) -- A move to principle-based accounting standards will require nothing short of a huge environmental shift as well as a commitment from several factions, panelists said during a discussion on business ethics.

The Securities and Exchange Commission, auditors and preparers, and the legal profession all have to be on board to make the much-discussed shift toward principle-based accounting standards a reality, said Elizabeth Fender, director of corporate governance at TIAA-CREF. Fender's remarks were made during a panel discussion on ethics in business at Fordham University.

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