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Cloudy Future for GAAP

Robert Herz's retirement and the need for FASB to replace him as well as add two new members will likely delay significant changes to U.S. accounting rules.

August 31, 2010

By historical measures, U.S. accounting rule-makers were on a relatively fast track this year to improve and meld their rules with those of the International Accounting Standards Board. But that progress may be severely delayed as a result of the surprise exit of Financial Accounting Standards Board chairman Robert Herz and the expansion of the board from five members to seven, accounting experts say. Read more...

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