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SEC Chief Accountant speaks about IASB-FASB convergence

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11 Aug 2004

In a presentation at the annual meeting of the American Accounting Association, SEC Chief Accountant Donald T.

Nicolaisen addressed a range of issues, including FASB and IASB cooperation:

The FASB and IASB support moving toward a single conceptual framework that would be used by both Boards. The work of these two Boards, and other national standards setters involved in the IASB process, is an important part of building and maintaining an effective global financial reporting infrastructure. I support global convergence. It's in the best interest of investors.

In response to a question, Mr. Nicolaisen said that the Commission will undertake a study of the IFRS reconciliations to US GAAP that are submitted for 2005 and, based on the findings, will determine whether to eliminate the reconciliation. He indicated his hope that the reconciliation could be eliminated by the end of the current decade. Click for Full Text of Mr. Nicolaisen's Remarks (link to SEC website).

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