In attempting to promote high-quality international standards, the Board also considers (a) the possibility that resolution of the issues addressed would increase convergence of standards worldwide, (b) the opportunities the topic presents for cooperation with the International Accounting Standards Board or other standard setters, and (c) whether appropriate and sufficient resources are available for a joint project or other cooperative effort.

I find this disappointing as it means that there are some out there who believe we should have standards based on the lowest common denominator (or some would say based on what gives them the answer they most desire) rather than international standards that are the 'best of breed'. However, I am not surprised. I always wondered if some of those advocating the use of international standards failed to recognize and give appropriate credit to the fact that we in the US have the world's largest, most liquid capital markets because we do in fact have the 'best of breed' financial reporting today. This in turn has provided companies with capital at the lowest possible cost that has been used to generate jobs and an improved global economy.

But ultimately, it will be the market that determines whose product works the best. I hope the IASB avoids the race to the 'bottom' with its product, as some have recommended. I also hope that those people whose foresight seems myopic and shortsighted, who believe that no standard should be any 'tougher' or more rigorous than what we establish in the US, realize they are really saying, 'Let's be done with the IASB now that it appears they are going to develop higher quality standards, and just look to the FASB for standard setting.'

Projects intended to provide leadership and promote convergence:

• Accounting for Insurance Contracts
• Business Combinations
• Reporting Financial Performance
• Accounting for Share-Based Payments

• First-Time Application of International Financial Reporting Standards
• Activities of Banks and Other Financial Institutions: Disclosure and Presentation

• Preface to International Financial Reporting Standards
• Improvements to Existing International Financial Reporting Standards
• Limited Revisions to IAS 39, Financial Instruments: Recognition and Measurement

• Accounting Measurement
• Extractive Industries
• Financial Instruments: Comprehensive Project
• Accounting for Leases
• Income Taxes
• Accounting by Small and Medium Sized Entities and in Emerging Economies
• Business Combinations: Phase Two

• Consolidation Policy
• Definitions of Elements of Financial Statements
• Derecognition Beyond IAS 39
• Employee Benefits
• Impairment
• Intangible Assets
• Liabilities and Revenue Recognition
• Management Discussion and Analysis
• Revaluations of Certain Assets