The SEC and the Federal Reserve strongly support efforts to harmonize international accounting standards in ways that achieve high-quality standards for global firms, including banking organizations. I believe that U.S. banking organizations and their auditors should focus more attention on the initiatives of the IASB in view of these developments and the requirements of the new legislation.
And as I have just argued, the current approach to crisis management has not helped to remedy this. Against this backdrop, it might be consoling to take a look at the German experience because it illustrates how reforms eventually pay off. 4.