Be sure to read Going Global as the SEC tries to reconcile the GAAP of FASB with IASB. The recent 8% meltdown in China shows the gloabl interlocking effect of markets. ANd the onerous requirements of SARBOX have companies heading for other outposts that can trade their stock. So there is a need to adopt a uniform set of Intl Accounting Standards. The goal is to reach congruence by 2009.
Hmm, do you suppose they will disband the FASB once that happens, I mean let’s finally apply Zero Based Budgeting…..
Have you scanned my Helpful Websites posted on WEB CT and looked at sites that relate to this issue?
Professor Elam 
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