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14 / 22

statements.

20/

It

is

noteworthy

that

the

EEC

has

also

participated

in

international efforts at harmonization through its membership on the

The third approach is international.

The ultimate goal of this

approach is to work through international

organizations to develop a

IASC Consultative Group.

body of accounting standards that would be uniformly acceptable to and

uniformly

used

countries

would

by

all

adopt

national

regulators.

the

same

standards.

Under

this

approach,

all

International

uniformity

certainly is an attractive goal, but may be difficult to achieve in the near

term.

An

intermediate

approach

to

internationalism

in

accounting

is

to

develop a set of international standards that would be acceptable to

each local regulator for purposes of recognizing the financial statements

of foreign companies, but would not prevent a regulator from requiring

its own domestic issuers to comply with further or different local

accounting principles. Foreign companies wishing, for example, to issue

securities in a local securities market would reconcile their home country

financial statements to the international standards, but would not be

required

to

reconcile

with

local

accounting

principles.

This

approach

is

20 I

90/211 IEEe Council Directive of 23 April

Directive 80/390/EEC Offer Prospectuses as

in Respect of the Stock-Exchange

Mutual Listing

1990 Amending Recognition of Particulars.

Public-

13

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