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The Narrowing GAAP

The convergence of foreign and domestic accounting rules could catch some U.S. companies by surprise.

Tim Reason, CFO Magazine
December 5, 2005

Restatement of Financial reporting (FR) in Middle East

I read the article "Too Much GAAP Running Around" by Sarah Johnson (posted Aug 2 2007) with great interest. IN the article, it is said that there is 'a rising number of restatements 10 percent of public companies restated their financials in 2006, a number of the senior financial exec said' and that 'less than 25 percent of restatements are indeed material to a company's financial standing' and since I'm a financial business consultant to the Middle East corporations I would like to have my following questions answered:- -Is there a 'CFO-Middle East' coming up? Since Middle East economy is up and rising, it would be great to gain first-hand info into what corporations there are doing. - Does companies in Middle East face similar issues, (i.e. that they need to restate their financial reporting)since best practices there is still not as matured as U.S or Europe, for that matter?

Posted by Horng Tan | September 01, 2007 12:54 pm

splendid

the article was splendid in need . although long gives a comprehensive view on convergence

Posted by Ramakrishnan Venkitarayan | December 19, 2005 02:39 pm

Convergence - Way to go

The article made insightful reading. With geographies ceasing to exist and trade barriers getting eliminated slowly but surely, it makes absolute sense to have a convergence in conflicting standards. This would do all stakeholders good in the long run. Chandrasekar 'Chandra' Venkataraman

Posted by Chandrasekar Venkataraman | December 01, 2005 10:30 am

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