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toward

harmonization.

The

lASe

has

indicated

that

it

intends

to

complete the project with respect to existing international standards by

the beginning of 1993. 25/ Thus, the next year and one-half represents

a critical point in the effort towards harmonization.

As noted, recognition of lASe standards would not mean that local

country regulators could no longer impose their own standards on their

domestic companies. 26/ Rather, many of the benefits of harmonization

could be obtained if, at least for purposes of foreign issuers, local

regulators would accept financial statements prepared in accordance

with or reconciled to lASe standards. 27/

v.

U.S. ROLE IN ACHIEVING HARMONIZATION

The United States, with one of the largest financial markets in the

world and a fully-developed regulatory structure, will obviously play an

essential

role

in

determining

the

success

or

failure

of

the

efforts

to

achieve

international

accounting

harmonization.

I

believe

there

are

two

25/

IASC, supra note 7, at 8.

26/

Imposing local standards might, however, disadvantage their

domestic companies.

27/

While this might create a comparability

problem for U.S. issuers

who were required to comply with U.S. GAAP, such U.S. issuers

could also standards disparity. might well

reconcile their financial statements to international if they felt that U.S. standards caused a competitive U.S. companies w.ith significant international operations produce such a reconciliation as a matter of course.

15

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