The advantages of a single set of financial reporting standards are manifest, particularly as internationalization of business activity becomes the norm. In particular, having uniform, high-quality standards has been extolled as fostering international business relationships, with the goal being the facilitation of cross-border capital flows and the lowering of the cost of capital – the expected result of the anticipated reduction of perceived accounting risk. The actual record has been somewhat mixed, although over time, these benefits will accrue to many, if not most, participants, with little or no offsetting harm to any other capital market participants.