The convergence of foreign and domestic accounting rules could catch some U.S. companies by surprise.
Pressed last March to describe the biggest controversy between U.S. and international accounting standards setters, Robert H. Herz replied, "I like one brand of Scotch, and Tweedie likes another."
Herz, the often-droll chairman of the Financial Accounting Standards Board (FASB), was referring to Sir David Tweedie, the soft-spoken Scot who is his counterpart on the International Accounting Standards Board (IASB). But there's more than a dram of truth to Herz's answer.
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