US wants progress on single set of standards

The US government has affirmed its desire for a single set of accounting
standards by the end of 2009.

A white paper says the convergence of its Generally Accepted Accounting
Principles with the International Financial Reporting Standards will help
‘revive’ the financial system in the US.

It calls for clarification on the use of fair value accounting standards,
particularly those applying to financial instruments by the end of 2009.

The paper also suggests improvements to loan loss provisioning, while
emphasising that the transparency of financial statements should not be lost in
the process.

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