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February 2011

Recollections on Standards Setting, Convergence, and Crisis

An Interview with Former FASB Chair Robert H. Herz

On August 24, 2010, Robert H. Herz announced that he was stepping down from his position as FASB chairman, a post he held since July 2002. During Herz's tenure at the board, FASB took an active role in responding to a changing economic environment and global marketplace. Since the Norwalk Agreement of 2002, FASB has pursued the goal of converging U.S. GAAP with International Financial Reporting Standards (IFRS). This movement toward a single set of high-quality global standards has required the board to work closely with the International Accounting Standards Board (IASB). As a result, a number of standards have been issued to close the gap between the two systems. The past couple of years have also seen a flurry of guidance responding to the global financial crisis that began in 2008, the effects of which are still being felt in economies around the world.

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