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22 / 22

standards

could

be

developed

whenever

possible

through

consensus

with other standard setters.

In

addition,

I

believe

FASB

should

undertake

a

comprehensive

review

of

its

existing

standards

to

determine

how

they

compare

with

international practice.

To the extent that current FASB standards

depart

from a respectable

generally accepted international practice

,

FASS

should consider

whethe

r

it is appropriate

to adopt the international

consensus.

VI. CONCLUSION

Let me conclude

by

saying

that

I

believe

and

hope

that

international

harmonization

of

accounting

standards

is

no

longer

just

a

long

term

benefits

of

goal.

I

believe

harmonization

it

can

for

the

be

within

U.S.

and

our

the

grasp.

The

substantial

world

economy

mandate

that the U.S. do all that it can to ensure that this moment of opportunity

is not lost.

Thank you.

21

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