Banking regulators are about to weigh in on the debate over international accounting standards.

In a comment letter to be filed with the Securities and Exchange Commission soon, the Federal Reserve Board and other agency members of the Federal Financial Institutions Examination Council will recommend the continued convergence of International Financial Reporting Standards and U.S. generally accepted accounting principles, followed by an eventual adoption of a single global standard.

The letter urges careful consideration of how the standards would be implemented and enforced, and encourages standard-setters here and abroad to continue aligning their rules to help ease the transition, said Arthur Lindo, chief accountant for supervision at the Fed's banking supervision and regulation division. Lindo, speaking Friday in New York at a Standard & Poor's forum on IFRS issues, said he added his signature to the letter on Thursday and expects it to be sent to the SEC this week.

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