Chicago (Jan. 29, 2003) -- A coalition of North American valuation organizations has formally announced its plans to help promote convergence of worldwide valuation, accounting, and financial reporting standards within the international accounting community.

The group -- which includes the American Society of Appraisers, the American Society of Farm Managers and Rural Appraisers, the Appraisal Foundation; the Appraisal Institute; the Appraisal Institute of Canada, the Centre for Advanced Property Economics, and the Royal Institution of Chartered Surveyors -- has issued a memorandum of understanding representing its members' formal commitment to work with legislative and regulatory bodies, standards-setting groups and other professions to help expedite the simplification and convergence of financial reporting standards.

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