With the recent economic downturn still currently in focus, the Financial Accounting Standards Board has noted that creditors have significantly increased the volume of debt they are restructuring or modifying.
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As the Securities and Exchange Commission moves closer to deciding whether to incorporate International Financial Reporting Standards, debate intensifies over how it should — and, more fundamentally, whether it should. Some fear that politics will influence international standards setting. Another argument against the international standards is that accounting transparency in the U.S. has attracted international investors, and it would be foolish to give up that advantage.