financial statements to U.S. generally accepted accounting principles,S/
regardless of the quality of the foreign standards that the company may
have previously statements.
with in preparing
One explanation for the lack of concrete results in actually
achieving harmonization may be the absence of any belief that
international accounting harmonization is within our grasp. References
can be found throughout the '60's, '70's, and 'ao's to the need for and
the inevitability of harmonization, yet commentators from those decades
consistently saw harmonization as a vague long-term goal, rather than
a realistic short-term objective. 6/ Everyone believes harmonization will
happen, but apparently no one believes it will happen in their lifetime.
Fortunately, however, there is room for some optimism. As I will
discuss later, the lASe is entering a crucial phase in its attempt to
develop a nucleus of internationally accepted accounting principles.
The IASC has indicated that it expects to complete its process by the
!lJL., Securities Exchange Act Form 20-F, Items 17 and 18.
M. Lafferty and D. Cairns, Financial Times World
Survey of Annual Reports 1980 76 (statement of John A. Hepworth, Chairman, lASe); N. Rueschhoff, International Accounting and Financial Reporting 148 (1976); AICPA Committee on International
Relations, Professional Accounting
in 25 Countries vii-ix (1964).