Volcker, Elliott To Testify Before House Panel

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.

Already a member? log in here.

Editor's Choice

Upcoming CPE Webinars

Nov 24This webcast presents basic principles of revenue recognition, including new ASU 2014-09 for the contract method. Also, CPAs in industries who want a refresher on revenue accounting standards will benefit.
Dec 3The materials discuss the concepts and principles in the AICPA’s new special purpose framework.
Dec 9A key component to improving your firm’s workflow efficiency while enhancing your profitability at the same time is how you leverage emerging technologies.
Dec 9Kristen Rampe will cover how to diffuse the tension in challenging situations in this one-hour webinar.