There's little argument about the need for a single set of universally accepted accounting standards, but how to accomplish this convergence of competing standards raises some serious questions, D.J. Gannon writes. One of the biggest questions is what do about the interpretation of the standards, since neither of the standards-setting bodies have dealt with that issue. The success of convergence to International Financial Reporting Standards probably rests with whether the Securities and Exchange Commission adopts the rules necessary to reach that goal, Gannon writes.

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