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The U.S. Financial Reporting System, Circa 2015: Are We OK?

Robert Herz | October 27, 2015

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.

My instinctive...

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