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Possible US legislation directing FASB to work with IASB

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30 Apr 2002

Today's Wall Street Journal reports that the Chairman of the US House of Representatives Committee on Energy and Commerce is working on legislation that would (a) provide funding for FASB via government-collected fees from listed companies, (b) direct FASB to complete within 18 months new standards on off-balance-sheet entities and revenue-recognition issues, and (c) direct FASB to work with foreign organisations to create International Accounting Standards.

The draft legislation is not yet on the Committee's Website.

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