The House Financial Services Committee will conduct a hearing on Thursday, June 7, at which the issue of globalization of accounting standards will be discussed.
Testifying at the hearing will be former Federal Reserve Chairman, Paul Volcker, representing the International Accounting Standards Committee (IASC), Philip D. Ameen, vice president and controller of General Electric Co., representing the Financial Executives Institute, and Robert K. Elliott, partner at KPMG Peat Marwick LLP, representing the American Institute of Certified Public Accountants.
The focus of the hearing will be to consider harmonization of the accounting standards among various countries. Without such harmonization, "Investors face uncertainty when evaluating investment opportunities and companies face costly compliance when filing financial disclosures," said Rep. Richard Baker, R-LA, chairman of the House Financial Services subcommittee on capital markets, insurance, and government-sponsored enterprises.
Mr. Volcker's testimony will attempt to gain support for the IASC's efforts to promulgate strong international accounting standards that do not compromise the U.S. standards.