Wednesday, November 26, 2008

Is Paul Volcker pro IFRS?

I just read a very interesting article in CFO Magazine on the possible views of President-elect Obama's economic advisor Paul Volcker.

The article Obama's Accounting Expert? poses the following question:

Paul Volcker, now officially an economic advisor to the incoming Obama administration, is famous as a fierce inflation fighter. But he also has strong views on accounting topics that might soon become mainstream economic issues.

It is written by Tim Reason. It looks at Paul Volcker's long life story and his views on accounting, accountants and auditors. It looks at his involvement with and views on International Accounting Standards.

Does this portend well for IFRS adoption in the USA? Will he stand up to the banking community in the USA who are asking to drop or significantly change "fair value" rules? Time will tell. We live in very different interesting times.

Nevertheless the article is positive I think?

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