complete its work and publish its standards within the next year and
one-half, and yet have its work fail to provide any benefits to the United
States because those standards were not recognized in the United
For the SEC, a primary objective is to ensure that full and fair
disclosure concerning issuers is available to U.S. investors. Obviously,
the Commission could not recognize international standards if U.S.
seem to view the issue of harmonization with great trepidation because
in their minds it will inevitably involve a process of diluting U.S.
lASe goodwill standard is more conservative from an income statement
standards are based on difficult judgment calls, and do not involve
issues for which there is only one "righf' answer that, if adopted, will
render financial statements perfect.
It is important to remember that accounting principles are human
conventions, not laws brought down from the Mount. Just because the
See supra notes 11-13 and accompanying text. 17