New York (Feb. 19, 2003) -- While an overwhelming majority of countries intend to converge with International Financial Reporting Standards, hurdles to adopting the standards remain, according to research by a group of accounting firms.
More than 90 percent of countries surveyed plan to adopt international standards, and 72 percent of those countries have a formal policy in place to achieve it, in most cases aimed initially at listed companies, according to GAAP Convergence 2002 research. The firms involved in the GAAP Convergence 2002 project are BDO, Deloitte Touche Tohmatsu, Ernst & Young, Grant Thornton, KPMG and PricewaterhouseCoopers.
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