Let's talk a little about the difference in tax and financial reporting and the impact IFRS could have. In the United States, in particular, fair presentation under GAAP sets the standards for financial accounting. GAAP is adjusted, if you will, to comply with tax accounting. More specifically, taxable profits must be adjusted from GAAP presentation to tax accounting in order to facilitate accurate tax reporting at year's end.

From an accounting perspective, do you think tax accounting and financial accounting should be uniform? I believe that is a huge leap considering that countries themselves are separated in terms of how accounting systems developed legally. On the one hand, you have micro-based, common law countries like the U.S., who have adopted fair presentation standards. On the other hand, are macro-based, code law countries whose accounting standards conform to tax legislation? I don't believe, under these separate set of circumstances, that uniformity will work internationally any more than one would expect diverse systems of government and capital markets to behave in one way. What are your thoughts?