Earlier this year I gave a guest lecture to a major university, and met with a group of accounting doctoral students informally to discuss their areas of research and current developments in financial reporting. I was rather startled (or better said, taken aback) when student from abroad asked me the following question: “Why is the U.S. falling behind in financial reporting?”
Not only was this student questioning whether the United States is the leader in financial reporting, but doing so in a way that implied that it is an accepted fact that the U.S. reporting system is lagging behind those in other countries.
