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11 / 22

statements

that

are

valuable

to

a

wide

variety

of

users.

16/

The

authority of lASe standards, which represent an international consensus

on the best accounting practices, will provide additional momentum,

I

hope, to overcome the inertia resulting from differences in financial

statement purposes among different countries.

Another claimed obstacle to international accounting harmonization

is the alleged competitive disadvantage to U.S. companies which is said

to be likely to result jf harmonization is attained. Some have argued that

recognition of international standards for foreign companies will place

U.S.

companies

at

a

competitive

disadvantage

if

U.S.

companies

are

still, in addition, required to comply with more stringent U.S. accounting

standards.

17/

It

would

be

nice

if

this

concern

for

the

competitive

position of U.S. companies was as much in evidence in setting U.S.

standards

as

it

is

in

recognizing

international

accounting

standards.

It

is perhaps more than a little ironic, however, that some of those who

forcefully

accounting

argue

that

competitiveness

harmonization

are

also

is

just

an

obstacle

as

forceful

to

in

international

arguing

that

competitiveness factors should not even be considered when

HI .se.e IASC, supra note 7, at 8.

1 7 I ~ , ~ ,

Beresford,

'What's the FASS doing about international

accounting standards?", 1990).

6 Financial Executive 18-19 (May/June

10

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