Academic journal article Review of Business

Fair Value Measurements and Reporting Developments and the Continued Movement toward International Financial Reporting Standards

Academic journal article Review of Business

Fair Value Measurements and Reporting Developments and the Continued Movement toward International Financial Reporting Standards

Article excerpt

An Interview of Margaret Mulley, Partner of Strategy and Communications and Chief Learning Officer, Deloitte & Touche LLP

Significant contributions dealing with International Financial Reporting Standards (IFRS) were also made by: Sylwia Gornik-Tomaszewski, The Peter J. Tobin College of Business, St. John's University Steve Showerman, Deloitte & Touche, LLP.

In addition, technical reviews and guidance were provided by the following Partners at Deloitte & Touche, LLP:

* Fair value accounting Q & A: Magnus Orrell

* IFRS Q & A: Ignacio Perez

* The audit Q & A: George Garrett

The views expressed by the people involved in this interview are theirs alone and do not represent positions of Deloitte & Touche LLP

Deloitte, one of the nation's leading professional services firms, provides audit, tax, consulting, and financial advisory services through nearly 30,000 people in more than 80 U.S. cities. Known as an employer of choice for its innovative human resources programs, the firm is dedicated to helping its clients and its people excel. "Deloitte" refers to the associated partnerships of Deloitte & Touche USA LLP (Deloitte & Touche LLP and Deloitte Consulting LLP) and subsidiaries. Deloitte is the U.S. member firm of Deloitte Touche Tohmatsu. For more information, readers may visit Deloitte's web site at: www.deloitte.com/us

Deloitte Touche Tohmatsu is an organization of member firms devoted to excellence in providing professional services and advice. The organization is focused on client service through a global strategy executed locally in nearly 150 countries. With access to the deep intellectual capital of 120,000 people worldwide, member firms, including their affiliates, deliver services in four professional areas: audit, tax, consulting and financial advisory services. Member firms serve more than one-half of the world's largest companies, as well as large national enterprises, public institutions, locally important clients and successful, fast-growing global growth companies.

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Margaret V. Mulley currently serves as the Deputy Managing Partner for Strategy and Innovation and Chief Learning Officer for Deloitte & Touche LLP. In this role, she is responsible for helping to implement strategy and for assuring that the strategy for the audit and advisory businesses are aligned with U.S. and global functional strategies. She is also responsible for evolving the strategy in response to the complex environment in which we operate. Ms. Mulley works closely with various national office technical functions, including work on technical consultation policies and protocols. She has more than 30 years experience serving clients primarily in the Media and Consumer Products industries. Margaret is a member of the American Institute of Certified Public Accountants and the Massachusetts Society of Certified Public Accountants. She received her B.A. in Mathematics from Wellesley College, and M.S. degrees from the Massachusetts Institute of Technology Sloan School of Management and Simmons College.

This interview took place on February 2, 2010.

Introduction

Hi, Margaret. We are delighted that you will be providing your thoughts on two of the most important accounting topics affecting the accounting profession in recent history:

* Fair value measurement and reporting developments in the current economic environment

* Convergence of U.S. GAAP and international financial reporting standards (IFRS), including the SEC's proposed roadmap for the potential mandatory use of IFRS in financial statements prepared by U.S. issuers

Q: Margaret, I would like to start by asking you some questions related to the increasing use of fair value measurement and reporting applications in companies' financial statements, especially in the current economic environment. …

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