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Regulatory point-scoring

Sir David Tweedie

A greater move towards international accounting standards is certain to result from the Enron furore. But already there are signs of regulatory one-upmanship. And bankers worry that the debate on the rights and wrongs of the Enron affair is quickly giving way to a turf battles and point-scoring between regulators and accounting bodies.

Best placed to benefit from a widespread move to internationally accepted principles would be the London-headquartered International Accounting Standards Board (IASB).

The IASB's chairman, Sir David Tweedie, was in Washington in mid-February - along with former Federal Reserve chairman Paul Volcker, who is chairman of the IASB's board of trustees - to testify before the Senate committee on banking, housing and urban affairs.

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