Financial Accounting Standards Board Chairman Robert Herz envisions a day when FASB will become part of the International Accounting Standards Board, but there are some hurdles to overcome first.

Speaking at the IFAC World Accountancy Forum during World Accountancy Week, he said it "would be a single organization. It would be called the International Accounting Standards Board and it would have an office in the U.S., maybe in Norwalk, Conn.," where FASB is based. He added that the organization would also have branches in other countries such as China.

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