Fitch Ratings expects a calmer 2006 for the global accounting industry following a large number of restatements in 2004 and 2005.

In its new report, "Accounting and Financial Reporting Risk: 2006 Global Outlook - Serenity Now?," the ratings agency said that companies, standard-setters and auditors are continuing to improve implementation of a number of new standards, but questions of interpretation still leave open the potential for accounting risk.

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