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Let's Learn to Walk... ... Before Running to International Standards

Federal officials have cited global competition and economic globalization as the impetus in the move toward International Financial Reporting Standards (IFRS). By adopting international standards, however, we may cede effective control to bodies outside U.S. borders, diminishing investors' and voters' ability to put pressure on regulators to do what the law requires.

In an increasingly global marketplace, there is pressure on regulators to standardize financial reporting. When investors and market analysts attempt to compare the financial results of companies following U.S. generally accepted accounting principles (GAAP) with others following IFRS, the task is onerous.

The Financial ...

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