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Sarbanes-Oxley News & Developments
New World OrderAre global accounting standards within reach?
> > Sir David Tweedie, chairman of the International Accounting Standards Board (IASB) is overseeing the development of a single set of international accounting standards for the European Union (EU) and intends to converge those standards with U.S. rules.
The accounting scandals which have infected both the New and Old Worlds give convergence more urgency. While Sir David does not blame the Enron and Parmalat fiascos on an absence of international standards, he believes that some frauds would be much harder to pull off. Sir David wants standards in place by March.
Source: CFO
Published:2004-03-22
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