FASB Chair Robert Herz reveals the Board’s priorities, the road to convergence and changes ahead for CPAs.
from Journal of Accountancy
Robert Herz has led the Financial Accounting Standards Board (FASB) through a period of tremendous change in the accounting profession. The former PricewaterhouseCoopers chief technical partner took the helm at FASB on July 1, 2002, just weeks before the Sarbanes-Oxley Act was signed into law. Within four months of his arrival, FASB and the International Accounting Standards Board (IASB) inked the Norwalk Agreement, committing to develop a single set of accounting standards that could be used internationally for domestic and cross-border financial reporting. Early in his tenure, Herz also set a goal of simplifying and improving U.S. Generally Accepted Accounting Principles (GAAP).
Herz, who was reappointed last summer to a second five-year term as FASB’s chairman, spoke recently with the Journal of Accountancy about simplifying accounting standards, creating a national blueprint for convergence and guiding the future of FASB.
View excerpts from that conversation.