London (Oct. 30, 2002) -- Marking a major step toward convergence on global accounting standards, domestic and international accounting rulemakers moved to formalize a joint project to eliminate the differences in accounting standards.

Following a two-day meeting in London this week, the U.S. Financial Accounting Standards Board and its overseas counterpart, the International Accounting Standards Board, agreed to add a joint short-term convergence project to their respective agendas to eliminate a number of differences between U.S. Generally Accepted Accounting Principles and International Financial Reporting Standards. The elimination of those differences is part of an overall effort by both boards to improve the comparability of financial statements across borders.

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