Though his short tenure as chairman of the Securities and Exchange Commission didn't provide much of an opportunity for us to work together, I quickly realized that Harvey Pitt and I share the common goal of improving and simplifying financial reporting in the U.S. and working toward international convergence of accounting standards.
However, Pitt's current views, as evidenced by his most recent Forbes.com comments about the Financial Accounting Standards Board (FASB) and its activities (see Pitt's " Filling In The GAAP"), are not always based in reality. In fact, many of his comments appear to be based on inaccurate or out-of-date information.
In the years since Pitt left office, the FASB has taken a number of steps to improve its processes to better serve the capital markets, including actions to more promptly address accounting and reporting issues without compromising due process.
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