New York (Sept. 10, 2003) -- Improving and simplifying U.S. GAAP and moving toward international convergence on accounting standards are among the strategic initiatives targeted by the Financial Accounting Standards Board as the standard-setter adjusts to life under Sarbanes-Oxley.

“I’m not a big fan of buzzwords such as ‘transparency,’” FASB chairman Robert Herz told a gathering of roughly 200 CPAs at a conference here. “But we want to improve financial disclosure and get better and more information in general. Accounting and financial reporting really matter.”

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