Four former chairmen of the Securities and Exchange Commission on Wednesday discussed international convergence of accounting standards and other topics in New York.
William Donaldson (2003-2005), Harvey Pitt (2001-2003), Arthur Levitt (1993-2001) and Richard Breeden (1989-1993) -- all of whom are now in the private sector -- tended to agree on most matters during a discussion at a Council on Foreign Relations forum in Manhattan.
However, divergent opinions emerged when Levitt said he does not believe a single, global accounting system is achievable. He later explained, in an interview with CFO.com, that such a goal is "politically and culturally impossible."
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