The rush to adopt international accounting standards is a politically motivated, myth-ridden effort that will weaken U.S. capital markets, says PCAOB member Charles Niemeier.
Recent efforts to move the United States toward adoption of international accounting standards is a politically motivated effort that will hurt the standing of the United States in the world's capital markets, a prominent accounting regulator said today.
A precipitous move away from U.S. Generally Accepted Accounting Principles will undermine the U.S. regulatory system, and thereby "put in jeopardy the thing that gives the U.S. a competitive advantage," said Charles Niemeier, a member and former acting chair of the Public Company Accounting Oversight Board. "All research shows that the U.S. is unique in its regulation. No [country] is as effective . . . . We have the lowest cost of capital in the world. Do we really want to give that up?"
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