I sat in on part of a meeting of the Financial Accounting Foundation and heard that many in Europe are taken aback at the swift pace of convergence in the U.S. with international accounting standards, but they are still waiting for us to set a deadline.

"Everybody in Europe is surprised at the pace you have been making," said Gerrit Zalm, former deputy prime minister and finance minister of the Netherlands, and now the chairman of trustees of the International Accounting Standards Committee Foundation.

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