If the plans of the Financial Accounting Standards Board come to fruition, 2007 will represent a historic year in international accounting - a giant leap forward in global financial efficiency.It was just four years ago that FASB and the International Accounting Standards Board decided to get serious about their efforts to converge U.S. and international standards. They planned to move ahead on two fronts: one toward the short-term convergence of relatively simple issues, the other toward convergence of issues that were either relatively complex or controversial.

At some point, the overall convergence will result in U.S. generally accepted accounting principles and international financial reporting standards being so similar that the U.S. Securities and Exchange Commission would no longer require the latter to be reconciled with the former for foreign companies that wish to register in U.S. financial markets.

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