Examining the Case Against Accounting Convergence in Bloomberg Law
Washington, D.C.-based leader of the appellate and Supreme Court practice Doug Hallward-Driemeier has published a Feb. 21 article, “Against Convergence: Mounting a Legal Challenge to FASB’s Adoption of International Accounting Standards” in Bloomberg Law Reports. The author examines the prospect of an international convergence of accounting and financial reporting standards that many think will soon become a reality. Doug explores concerns about a converged system and legal challenges that could reasonably be presented against the full-blown implementation of convergence.
He writes, “After years of work, FASB and the IASB are inching closer to the finish line; convergence is almost upon us. Whether one views that development as cause for celebration or alarm, it is clear that adoption of the new convergence standards under the present scheme raises serious constitutional concerns that would-be opponents may well consider pressing in legal challenges. How fruitful those challenges may be, only time will tell.”
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