Norwalk, Conn. (Sept. 19, 2002) -- The U.S. and the international accounting standards board held a joint meeting Wednesday to further their work on creating a single, global standard – and to shore up the industry’s reputation regarding revenue recognition on financial statements.

The meeting focused mainly on current Financial Accounting Standards Board and International Accounting Standards Board projects on business combinations and financial performance reporting – a topic much in the news following Andersen’s demise and the recently passed Sarbanes-Oxley Act.

Aside from those two immediate projects, the groups also discussed their joint project designed to eliminate the differences between generally accepted accounting principles in the U.S. and international accounting standards.

And they explored the prospect of a new joint project on revenue recognition.

-- Electronic Accountant Newswire staff

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