In 2007, financial reporting is at a crossroads - with far-reaching implications for businesses, investors and the capital markets.Appropriately, the International Accounting Standards Board and the Financial Accounting Standards Board have held public discussions with stakeholders and leading experts in Hong Kong, London, and Norwalk, Conn., discussing the creation of a new conceptual framework for financial reporting.

These discussions, and the eventual launch of the new framework, are the culmination of a long-raging debate on what fundamental metrics should be provided by financial accounting and used to make investment and other resource-allocation decisions. Every business and investor in the world has a stake in the outcome.

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