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SEC Chairman's remarks on convergence

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29 Sep 2003

In a Speech before the Foreign Policy Association in New York, SEC Chairman William H.

Donaldson made the following comments about the convergence of IFRS and US GAAP:

We are also working hard to accelerate progress on a number of other important international issues. One such issue is the convergence of international accounting standards and the Generally Accepted Accounting Principles used in the United States. While sounding arcane, this issue has major implications for cross-border business. If the difficult issues involved in convergence can be resolved - no easy task for sure - investors and issuers alike will benefit, by increasing comparability and reducing the cost of capital.

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