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A Standard Setting Perspective on Current Issues Facing the Accounting Profession - page 8 / 29

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8

International convergence—FASB actions

How will this project affect U.S. GAAP?

Convergence => changes to U.S. reporting requirements in the absence of identified problems

Tangible and immediate costs to preparers, auditors and users

Accounting education:  numerous, frequent and possibly significant changes to textbooks and teaching materials

Changes are undertaken to achieve longer term benefits

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