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PCAOB’s Gradison: Two Standards May Not Be Workable

PCAOB’s Gradison: Two Standards May Not Be Workable

by Rick Turoczy on September 15, 2004

Predicting that “powerful” forces within the profession may ultimately lead the Public Company Accounting Oversight Board’s standards to become the standards for non-issuers as well, board member Willis “Bill” Gradison may have, at least temporarily, doused the ongoing debate about the need for differential standards.

In remarks before attendees at a Sarbanes-Oxley conference here, Gradison said that while the “Big GAAP-Little GAAP debate is alive and well,” it may not “be workable to train and supervise an audit staff on two separate sets of standards.”

“For non-SEC issuers, there are areas such as exit strategies and acquisitions, where it may not necessarily make sense for two standards,” Gradison said. “Then you could have cases where customers tell their suppliers to follow the [PCAOB] standards.”

PCAOB’s Gradison: Two Standards May Not Be Workable

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