Recent Columns by Former FASB Chairman Robert Herz

Robert Herz was chairman of the Financial Accounting Standards Board (FASB), from July 2002 to September 2010. Previously, he was a senior partner with PricewaterhouseCoopers. Prior to joining FASB, Herz was PricewaterhouseCoopers North America theater leader of professional, Technical, Risk & Quality and a member of the firm's Global and U.S. Boards. He was also president of the PricewaterhouseCoopers Foundation, which supports college and university activities. He also served as a part-time member of the International Accounting Standards Board. Herz is both a U.S. Certified Public Accountant and a U.K. Chartered Accountant and a gold medal winner on the uniform CPA examination. Below are his most recent columns:

A Look Back on a Busy Year in Accounting Developments

December 20, 2011

It's been a rather eventful year in the accounting world as several projects from the Financial Accounting Standards Board move toward completion, including those on fair-value measurement, revenue recognition, and presentation of comprehensive income, not to mention work to move down the path to convergence in general. Inside Columnist Robert Herz surveys the year that was and highlights the biggest developments in accounting in 2011.
 

Renewed Focus on Mandatory Auditor Rotation

October 25, 2011

The PCAOB has recently begun assessing the potential benefits, costs, and unintended consequences of requiring periodic rotation of auditors by SEC registrants. Advocates of term limits believe rotation could address the conflict of the auditor being paid by the auditee. But the potential for additional costs and disruption to companies are also important factors. Inside, Columnist Robert Herz assesses both sides of the issue.
 

The Known Unknowns: Uncertainty in Financial Reporting

August 30, 2011

Whether and how uncertainties, such as a contingent legal liability, are reflected in financial statements has always concerned investors, while related accounting and disclosure requirements pose real challenges for issuers and auditors. Inside, Columnist Robert Herz takes a closer look at uncertainties in financial reporting and poses some basic questions to consider when examining them.
 

More to Consider Than Simply Adopting IFRS or Not

June 28, 2011

This year the SEC is expected to decide on whether to require U.S. issuers to adopt International Financial Reporting Standards in some form. But there are many paths to consider than just outright adoption and the SEC staff has been extensively examining a wide range of issues. Inside, Columnist Robert Herz weighs the many options and avenues along the way.
 

Don't Take FASB and IASB's 'Netting' Proposal Lightly

April 26, 2011

Earlier this year, U.S. and international accounting standards boards issued a joint proposal on offsetting assets and liabilities on the balance sheet—a process known as "netting." Inside, Columnist Robert Herz looks at the effect the proposal would have on measures of leverage, return on assets, debt covenants, and other contractual agreements.
 

Pace of Accounting Change Remains Fast and Furious

February 23, 2011

Compliance Week is proud to announce the newest edition to our team of expert columnists: Robert Herz, former chairman of the Financial Accounting Standards Board. In his first column, Herz takes us behind the scenes of the standard-setting process and provides valuable insights on the state of convergence and other big accounting issues.
 
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