(Significant differences in GAAP in Canada, Chile, Mexico and the United States, executive summary) .

             The study was able to come up with certain expected results, and the recommendations that came about were as follows: each of the three standard setting bodies for the harmonization of financial accounting and reporting must consent to a common liaison and to a mutual involvement in any standard setting activity that the group may get involved in. Secondly, the recommendation stated, the establishment of a standing committee must take precedence over other activities, so that the committee would be able to both initiate and also to maintain standard setting efforts. The AFTA Committee, therefore, set forth its resolutions, which were: to promote and to encourage the comparability of accounting standards, which would in effect be concurrent with the improvement and the enhancement of the very quality of financial reporting, to analyze and to study any areas where there may be differences in accounting standards, and reduce those areas through cooperative efforts, and also to augment the comprehension that there will naturally be significant differences in accounting standards, according to the economic environment that was prevalent at that time. The AFTA Committee also resolved to create and develop specific recommendations that must be taken in order to effectively reduce the presently existent standards in accounting, and the specific efforts that may be needed to implement these changes. (Significant differences in GAAP in Canada, Chile, Mexico and the United States, executive summary) .

             When there is better harmonization, therefore, between financial accounting and reporting, then there will undoubtedly be a vast numbers of benefits, especially in large multinational corporations, in large accounting firms, and in national standard setters, in stock exchanges and in national governments.