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Acting SEC Chief Accountant speaks on convergence

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16 Feb 2003

In recent Remarks before the New York State Society of CPAs, Acting SEC Chief Accountant Jackson M.

Day spoke about the efforts underway to bring about international convergence of accounting standards. He commented on the importance of consistent application of accounting standards across national borders:

Important to the success of convergence is an infrastructure that enables consistent, comparable and appropriate application in multiple jurisdictions around the world. This may be the most difficult part given the diversity of backgrounds and regulatory structures of each of the jurisdictions. The use of interpretive bodies, such as the Emerging Issues Task Force in the U.S. and the International Financial Reporting Interpretations Committee in the international arena, is a critical part of this infrastructure. While not every question can, or should, be answered, there also cannot be fifteen answers to a pervasive question. That would undermine the credibility of the global accounting system.

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