The International Accounting Standards Committee Foundation has written a letter to President Bush asking him and other world leaders to respect fair value accounting and the standards-setting process.

The letter was written in anticipation of the Group of 20 summit on Nov. 15 in Washington, D.C. Gerrit Zalm, chairman of the board of trustees of the IASC Foundation, wrote to Bush but asked the meeting secretariat to pass along his letter to the other world leaders at the summit as well. The IASC Foundation, the oversight body for the International Accounting Standards Board, is working with the U.S. Financial Accounting Standards Board on fair value accounting and other standards as U.S. generally accepted accounting principles converge with International Financial Reporting Standards.

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