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CPA Letter, The, February, 2008 by Fletchall, Randy

We are in the midst of great change in our financial reporting system. Yes, there are some real challenges, but this is also a time of significant and exciting opportunities for CPAs, both preparers of financial statements and those who audit them. The ongoing move toward greater convergence of financial reporting standards should improve the efficiency and effectiveness of financial reporting in a global economy, fostering expansion by businesses, large and small, and investment opportunities, particularly in emerging markets.

As the capital markets become more global, the convergence of U.S. GAAP and International Financial Reporting Standards (IFRS) is a virtual prerequisite to reducing the complexity and increasing the understandability of financial information used for...

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