November 13, 2007

NASBA comments to the SEC on the “Concept Release on Allowing U.S. Issuers to Prepare Financial Statements in Accordance with International Financial Reporting Standards.” This process allows the best and most desirable characteristics of both accounting systems to be incorporated into a single set of converged accounting principles. Convergence will facilitate the free flow of capital, goods and services globally without unnecessary differences in the language of financial reporting that result from multiple standards of accounting. NASBA supports this approach for U.S. financial reporting for public companies insofar as the model includes the continued leadership of the FASB. The FASB’s standards, including those resulting from the convergence process, should be those used by domestic reporting entities.

See Full Document:
Letter of Comment to the SEC

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