Newsroom
From "Mind the GAAP"
by James S. Turley - The Wall Street Journal (Subscription required for full article)
November 9, 2007
In a guest article for The Wall Street Journal, Ernst & Young Chairman and CEO -- and CAQ Governing Board Chair -- James Turley writes that an accounting decision coming up soon will have major implications for the world's capital markets. "Should the SEC shed its former allegiance to GAAP and throw its weight behind the international reporting standards? That would be a good idea," he states. "By definitively lining up behind a single set of high-quality global accounting standards that everyone can use, the SEC would bring greater efficiency to companies that currently must pay internal and external legal and accounting experts -- including firms like mine -- to help them sort thorugh accounting differences across multiple jurisdictions." In Turley's view, "the U.S. should reject a wait-and-see approach, go beyond the possibility of a switch and declare that it will adopt IFRS as of a date certain for all public companies filing in the U.S."
