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The Group of 20 wants to see U.S. accounting standards merge with international standards, and so do finance executives at U.S. corporations. At the major nations’ meeting this month in Pittsburgh, the G20 requested that U.S. and international accounting regulators work harder to achieve a convergence of U.S. GAAP and international financing reporting standards (IFRS) by mid-2011. The G20 statement, along with some friendly comments made recently by Securities and Exchange Commission (SEC) officials, suggest the move toward a single set of global accounting standards is regaining steam.

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