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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 2 / 29

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Overview

An aside on FASB process changes

Three categories of issues facing the accounting profession

Convergence with international standards will affect US GAAP

Short term convergence projects

Long term alignment of agendas

Increasing complexity and variety of business models

Difficulties in defining the boundaries of the reporting entity

Increasing reliance on fair value measurements

Financial reporting failures and the legislative/regulatory responses

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