Former Financial Accounting Standards Board Chairman Robert Herz gives his views on convergence and whether U.S. companies are ready for principles-based accounting such as International Financial Reporting Standards. He presents these views in his newly released memoir published by the AICPA. Herz counters the argument that the U.S. economy is big enough to maintain its own accounting standards by noting that as the U.S. takes an increasingly smaller piece of world gross domestic product, investors will go abroad for yield to boost their U.S. portfolios.

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