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the one being pursued by the lASe and has been endorsed by loseo

in its Report on International Equity Offers. 21/

In my view, the lASe approach represents a very promising

approach for achieving harmonization in the near term.

The lASe was created in 1973 by the professional accounting

organizations of a number of countries. It was charged with formulating

international accounting standards and with improving and harmonizing

worldwide

financial

reporting. 22/

The

lASe

began

its

work

by

attempting to codify the best practices of its member countries on

individual accounting issues, and its standards currently accommodate

a wide variety of accounting practices. Consequently, they are subject

to the criticism that they do not provide sufficient comparability among

preparers. 23/

To address this

concern,

the

lASe started a

comparability

project

in

1989 and

updated

it in

1990. 24/

The

comparability project is substantially narrowing the range of choices in

accounting practices and represents an important phase in the efforts

21/ 22/

IASC, supra note 7, at 9; laSCO, supra note 9, at 8. See IOSCO, Towards the International Harmonisation of

Financial Statements: An Invitation to Comment on an Exposure Draft on the Comparability of Financial Statements 2 (1989).

23/

lASe, Exposure Draft No. 32: Comparability

of

Financial

Statements 7

(January 1, 1989).

24/

~ht.;

IASC, supra note 7.

14

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