New York (Oct. 27, 2003) -- Accounting regulators on both sides of the pond are forming a coalition to try to hammer out a convergence of accounting standards.

Financial Accounting Standards Board Chairman Robert Herz said the group would be made up of staffers from the FASB and its European counterpart. They’re scheduled to meet in April 2004 to draw up a joint agenda for the next three years.

Herz made the disclosure after four days of meetings in Toronto among the FASB, the London-based International Accounting Standards Board and the Canadian Accounting Standards Board.

At the meeting, all three said they were committed to creating a set of universal global accounting rules.

-- WebCPA staff

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