2008 Forum on Contemporary Accounting Issues

The Lubin School of Business at Pace University presents the
in conjunction with
The International Accounting Standards Board

Global Integration of Accounting Standards:
How Do We Get It Done?

>> Streaming video clips of the Accounting Forum (RealPlayer)
>> Conference agenda
>> Keynote Speaker biographies
>> Press coverage
>> Photos and highlights
>> Transcripts of the Accounting Forum
Conference Takeaway:
Many of the panelists felt that one of the most significant developments in the last few months was the proposal by the U.S. SEC to eliminate 20-F reconciliations for IFRS filers. This is a clear signal to the world's capital markets that IFRS are of high quality and the convergence project is hurdling some of the road blocks that heretofore were impeding progress. Indeed, Julie Erhardt, Deputy Chief Accountant at the U.S. SEC, remarked that Chairman Cox and his staff are working on a plan to move U.S. companies to international standards. However, since IFRS are more principles-based rather than rules-based, panelists expressed fear that the long hands of the U.S. SEC may begin to reach out and provide narrow, prescriptive interpretations. Robert Colson, a partner at Grant Thornton, noted: "It will take great discipline on the part of standard setters to fight the urge to get specific, but it will also take an arrangement with regulators" to defer to principles rather than rules.

Dr. Rudy Jacob, Chair of the Accounting Department at Pace, in his closing statement, emphasized that "the disparity that exists in auditing standards, regulatory environment, enforcement, and interpretive guide lines must be addressed if IFRS is going to be the single gold standard of financial reporting in the world's capital markets."
 Press coverage:
In Focus: A Forum on International Issues - Global Integration of Accounting Standards: How Do We Get It Done?, CPA Journal, October 2008
IASB's Jones: Insurance accounting is broken, Reuters, April 29, 2008
IFRS Proponents Fear GAAP Effect, WebCPA, April 30, 2008
When I Think Back on All the GAAP I Learned In Grad School, CFO.com, April 30, 2008
Will Americans Foul Up Global Standards? CFO.com, April 30, 2008
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Dr. Rudy Jacob, chair of the Accounting department, welcomed the conference participants.
Lubin's Dean Joseph R. Baczko
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Alan Murray from the Wall Street Journal interviewing keynoter Tom Jones, vice chairman of IASB.
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D.J. Gannon (left) making a point in Panel I. "...a lot of US GAAP is driven by uniformity; outside the US, the concept is more transparency than uniformity."
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Robert Colson (left) was also on Panel I.
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Panel I (left to right) Robert Colson, Richard Fuchs, D.J. Gannon, Paul Munter, Danita Ostling, Kaustav Sen, and moderator Neil Weinberg
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Mary-Jo Kranacher from the CPA Journal interviewed keynoter Tom Linsmeier, Board Member, FASB.
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John Gallagher (right) from UBS AG making a point during Panel II. "We believe there can only be one interpretation of IFRS and that is by the IASB."
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Panel II (left to right) Peter Bridgman, Hye-Won Choi, Samir El-Gazzar, John Gallagher, Janet Pegg, Donald Robertson, and moderator Joanne Ramos
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Audience member Richard Jones from Hofstra asking a question during Q&A.
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Deputy Chief Accountant, US SEC, Julie Erhardt gave the luncheon keynote address.
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Dean Baczko asked "What does the accountant of the future look like?"
[Accounting Conference]   Rudy Jacob closing the conference and reviewing the key takeaways.