beginning of all national
1993. 7/ These
principles may provide a basis
on which financial
statements prepared in accordance with those international standards,
This process, though important and providing an opportunity, for
a real break-through, does not by any means guarantee that
harmonization will be achieved at all, not to mention in a particularly
share in making international accounting harmonization a reality.
I would like to spend the next few minutes dlscusslng the need
for harmonization of accounting standards and, in particular, what the
setters, should do to help achieve the important goal of harmonization
in as expeditious a time frame as possible.
HARMONIZATION AND ITS BENEFITS
The benefits of harmonization have been frequently noted, but are
sufficiently important to merit a brief review.
From the point of view of the Securities
Commission, as an agency one of whose primary functions is to protect
investors, an extremely valuable benefit of harmonization would be the
lASe, .statement of Intent: Comparability
of Financial Statements
8 (July 1990).