Moving forward with plans to converge U.S. generally accepted accounting principles with international financial reporting standards, the Financial Accounting Standards Board expects to crank out a host of related proposals in the second half of 2007.Even as the Securities and Exchange Commission proceeds to explore the possibility of allowing foreign companies to use financial reports prepared under IFRS to list on U.S. capital markets, FASB and the International Accounting Standards Board are working together to produce standards that are identical or very similar.

IASB member Jim Leisenring, who serves as the FASB liaison to his board, described the convergence progress as "slow and steady," but he denied rumors that the project is due to be completed by the end of 2008.

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