Julie Erhardt, the SEC's Deputy Chief Accountant, spoke recently in Frankfurt at the International Financial Reporting Standards conference, "Implications of Convergence." In her speech, Erhardt noted that "convergence is about providing the capital markets with one set of high quality global accounting standards." She noted that the process of achieving convergence of standards and then implementing those standards will be a long and complicated process.
Erhardt made four main points with respect to the convergence of accounting standards:
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