1. Translation Practices: FASB. The Financial Accounting Standards Board promulgates standard practices for the reporting of financial results by companies in the United States. However, it also- often leads the way in the development of new prac- tices and emerging issues around the world. One major issue today is the valuation and reporting of financial derivatives and derivative agreements by firms. Use the FASB's home page to track current proposed accounting standards and the current state of reaction to the proposed standards. FASB home page www.fasb.org/