The accounting profession needs to continue to focus on the quality of the numbers, and quality of information going to the public, not just the acceptability of the numbers. In our information age, information is power and power resides with those who have information at their fingertips. Given that change, we need to identify quality information that will provide useful information with predictive value to investors, and we need to make it available in a consistent, comparable, and relevant fashion. I believe the FASB does have the opportunity to improve the quality and transparency of the financial reporting used in our capital markets. And if they fail to demonstrate the necessary leadership, I believe the IASC under the capable leadership of Sir David Tweedie will take up the charge.
Investors now have a two-horse race to bet on.
Let's hope it is a race in which we will see only the highest quality financial reporting at the finish line. A race by any standard-setters towards incrementalism or the lowest common denominator will only provide a disservice to investors and the capital markets around the world. And without a doubt there is room for improvement. For example, most of us had to fly into this conference, yet few if any of us flew on an airplane included on any airline's financial statements. Senator Gramm, while he raised many questions, recognized the problem with this view.