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FASB plans more active international role.

The Financial Accounting Standards Board had approved a more active and supportive role for itself in setting international standards. Domestic financial reporting needs will continue to be the FASB's first priority, but international implications will be considered as much as possible in domestic projects. The FASB hopes to expand its international role by

* Intensifying consideration of International Accounting Standards Committee (IASC) standards in all domestic FASB projects.

* Engaging in multinational joint standard-setting projects with the IASC on mutually selected topics.

* Considering the adoption of IASC or foreign national standards that are judged to be superior to U.S. standards.

* Convincing the IASC and worldwide countries to adopt U.S. standards judged to be superior to international or foreign national counterparts.

* Reaching agreement on a choice of standards where U.S., IASC or foreign national standards are not demonstrably superior to each other.

* Continuing efforts to encourage financial statement requirement equality for domestic and foreign companies using U.S. capital markets.
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Title Annotation:Financial Accounting Standards Board
Author:Baliga, Wayne J.
Publication:Journal of Accountancy
Article Type:Brief Article
Date:Feb 1, 1992
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