Lehman's situation makes case for accounting convergence

04/30/2010 | Reuters

Lehman Bros. used an accounting strategy to bolster its balance sheet that would not have been acceptable under global accounting rules, said Philippe Danjou, a member of the International Accounting Standards Board. "From an [International Financial Reporting Standards] perspective, I would suspect that most transactions would have stayed on the balance sheet," Danjou said. "It makes a case for convergence, it makes a case that we should not have different outcomes under different accounting standards when you have such big amounts."

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