How the global downturn affects the move to international accounting standards
Deloitte global podcasts
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“In some respects, the United States is all alone…The rest of the world is not adopting U.S. GAAP so the United States will need to convert over time. We will get there. I’m convinced of that.”
– Jeffrey K. Willemain, DTT Global Managing Partner – Regulatory & Risk
The global financial crisis is having an enormous impact on the effort to standardize accounting rules worldwide. Political pressure on the International Accounting Standards Board and on the U.S. Financial Accounting Standards Board is encouraging both bodies to publish one-off changes to accounting rules that may show short-term action in the face of economic downturn but are likely to make it harder to bring the two systems into conformity.
This audio commentary features Jeffrey K. Willemain, DTT Global Managing Partner – Regulatory & Risk, as he addresses the following questions:
- What are some of the pressures facing the two accounting bodies?
- How do accounting rules differ in the U.S. and Europe?
- Where do emerging markets and the BRIC (Brazil, Russia, India, and China) countries stand in the debate?
- Will the U.S. eventually sign on to International Financial Accounting Standards?
- How will the new administration in Washington influence the debate on accounting standards?
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