International convergence high on FASAC's "to-do list"

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30 Oct 2003

Most members of FASB's Financial Accounting Standards Advisory Council (FASAC) feel that international convergence should be high among FASB's priorities.

That is one of the findings of the 2003 annual survey of FASAC members. Typical of the FASAC members' comments is this one:

As multinational companies operate in many markets, the accounting standards need to be consistent. The United States is one of the few major exchanges in the world that does not already accept International Financial Reporting Standards. Convergence should not only be the goal for pronouncements already issued, but should continue to be a factor for consideration in the current development of new GAAP.

Click to (PDF 358k). Then search for "international" to see individual FASAC members' comments.

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