dr. hanlon noted. you look specifically at the financial statement earnings and book earnings. i found that in terms of my discussions with a number of corporate executives. but also there are a number of corporations that do the type of project evaluation, looking at the cash flow benefits. i guess i would say that at the current time for companies that have access to capital markets, interest rates are at a historic low. to the extent that accelerated depreciation really is a zero interest rate loan from the federal government, the benefits of accelerated depreciation at the current time are modest for those that have access to capital. >> all right. thank you. ms. hanlon, just finally, you mentioned in your testimony the important point that some of the analysis that we've been talking about today doesn't really apply to closely held businesses. and could you just explain how closely held businesses might analyze tax reform differently than publicly held companies? >> yes. there's a long line of literature in the accounting research that examines this exact book tax trade-of

dr. hanlon's comments as an example the discussion about moving to ifrs has impacted in terms of some of the discussions about u.s. tax reform. if you move to ifrs lifo would not be allowed. it would eliminate the current ability of some firms to use last-in, first-out accounting. i think there is clearly different goals for the accounting rules and as the tax writing committee you have different goals including revenue that are your objectives. >> i agree with most of what was said before me. i think really there's -- the accounting rules are there for something completely different than what our tax rules are there for. it's to get revenue, it should be done in a manner that promotes growth, investment, jobs. those are two completely different worlds. so i would encourage us to keep them separate. >> okay. and i have just a few second left so could the businesses just quickly talk about -- we have talked about reforms and the challenges to reforms. could you just briefly talk about if we do nothing the cost of inaction to your business if we keep the status quo? >> personally i don't t

dr. hanlon's comments. just for example, the example of moving to ifrs has impacted in terms of some of the discussion about u.s. tax reform. because if you move to ifrs, then lifa would not be allowed. it would automatically eliminate the current ability of some firms to use last in-first out accounting. there clearly is different rules for the accounting rules. and as a tax committee, you have different goals including revenue that are your objectives. >> i'd agree with most of what was said before me. really, the accounting rules are there for something completely different than what our tax rules should be there for our tax rules. it's to get revenue, but should it be done in a man they're promotes growth, investment, jobs. and those are just two completely different worlds. and so i would encourage us to keep them separate. >> okay. and have i just a few seconds left. so could the businesses just quickly talk about -- we talked about reforms and the challenges to reforms. could you just briefly talk ab

dr. hanlon's comments.just as an example the discussion about moving to ifrs has impacted in terms of some of the discussions about u.s. tax reform because if you move to ifrs then lipa would be allowed and it would eliminate the ability for some firms to use last in first out accounting. so i think there's clearly different goals for the accounting rules and as a tax-writing committee you have different goals including revenue are your objectives. >> i'd agree with most of what was said before me. i think really there's -- the accounting rules are there for something completely different than what our tax rules should be there, for our tax rules it's the revenue and it should be done that promotes growth, investment, jobs and those are just two completely different worlds and so i would -- i would encourage us to keep them separate. >> okay, and i have just a few seconds left so could the businesses just quickly talk about -- we talked about reforms and the challenges to reforms. could you just talk about