Global capital markets could be made more efficient if accounting standards were harmonized on a world-wide basis. We strongly support both the emphasis on convergence between U.S. and the global standards and significant improvement in both bodies of standards. We applaud the efforts of the leadership of FASB and the IASB toward finding common ground on higher quality standards so that the infrastructure of our global economy can advance towards an integrated international capital market.

In this regard, we further recommend that the SEC, the new Public Corporation Accounting Oversight Board, and the Financial Accounting Foundation find a way to finance the American share of the International Accounting Standards Board Foundation through the issuer assessments established under the Act. The international financial community is encouraged also to adopt such a funding mechanism.