We are instituting a new reportorial system – the FRP – that is fully compliant with International Accounting Standards. Perhaps most critically, we have regular and open discussions with our stakeholders so that issues can be thoroughly ventilated and a common understanding reached. The broad overlying issues All of these developments on the ground eventually mesh with the broad overlying issues.
The task of the agencies is to implement Congressional intentions, as manifest in the statute itself, as efficiently and effectively as possible. The approach taken in the proposed rulemaking is concededly not a simple one. But, at least to date, it has seemed the most feasible. Two alternative approaches have been suggested, and we considered each prior to issuing the proposed regulation.