formulating U.S. allegedly violate
accounting standards. .18/ the doctrine of neutrality
To do the and thereby
latter would destroy the
purported foundation of the U.S. accounting structure.
It is at least inconsistent (if not something more) to ignore
competitive costs when formulating U.S. accounting standards, thereby
increasing the disparities between U.S.and foreign issuers, while at the
same time arguing that harmonization is difficult because of these very
considering international competitiveness issues, as well as all other international ramifications of accounting standards, in setting U.S.
accounting standards in the first place.
Even without harmonization, U.S. companies must compete for
capital, both in the private U.S. markets and overseas, with foreign
harmonization is not a cause of competitiveness problems for U.S.
companies, but rather provides one real answer to this problem.
There are at least three possible approaches to achieving
harmonization of accounting standards.
For simplicity's sake, let me
Beresford, "Financial Reporting: Comparability and
Competition", FASS Viewpoints 2-5 (November 8, 1990).