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
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
To address this
lASe started a
comparability project is substantially narrowing the range of choices in
accounting practices and represents an important phase in the efforts
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).
lASe, Exposure Draft No. 32: Comparability
(January 1, 1989).
IASC, supra note 7.