When the Financial Accounting Standards Advisory Council met in September to discuss the use of International Financial Reporting Standards, they found themselves answering questions with questions.FASAC, which advises the Financial Accounting Standards Board on a variety of issues, had been given the task of providing perspectives on where accounting and financial reporting might be going over the next two or three decades - with special consideration of the role of IFRS.

"This is going to be the hot topic over the next two or three years, because this is where we'll be going over the next two or three decades," said FASAC chair Dennis H. Chookaszian.

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