Roberta Hernandez, CPA, serves as controller of a US.-based company that has a significant portion of its operations in several south American countries. Certain provisions in selected countries require the company to file financial government statements based on international standards, Roberta oversees the issuance of the company's financial statements and asserts that the statements are based on inter- national financial accounting standards; however, the standards she uses are not those issued by the International Accounting Standards Board.