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Bies on Financial Markets and Corporate Governance

In a speech on 'Financial Markets and Corporate Governance' given on 19 February, Susan Schmidt Bies of the Federal Reserve said the world of accounting needs to catch up with the growing sophistication of the world of finance. She urged accounting standards to "evolve" for effective market discipline.

"As organizations have grown in size and scope, innovative financing techniques have made it more difficult for outside investors to understand a particular firm's risk profile and performance of

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