Global GDP share weakens U.S. argument against convergence, former FASB head says

05/1/2013 | Wall Street Journal/CFO Journal, The

Significant political challenges could accompany the mandated adoption in the U.S. of the International Financial Reporting Standards, former Financial Accounting Standards Board Chairman Robert Herz wrote in his memoir. Herz, however, stated his support for some IFRS inclusions by FASB. The U.S. share of global capital markets and gross domestic product is eroding, Herz writes, and there is likely to be "pressure on both [FASB and IFRS] boards for convergence and on the United States and other countries that have not yet adopted or committed to adopt IFRS."

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