The new chairman of the International Accounting Standards Board recently discussed the economic benefits of US adoption of IFRS accounting standards. Hans Hoogervorst argued that the US would fulfil a G20 commitment to adoptworldwide uniform accounting standards if it endorses International Financial Reporting Standards. He further explained that US businesses would benefit financially because having a global set of accounting rules makes it easier for US companies to compare financial statements to companies abroad.
Hoogervorst stated, ""Difficult as the decision may be, it is hard to imagine the possibility of the United States not taking a positive decision. US investors invest globally and US companies seek international capital, and it is in the economic interest of the US to adopt IFRS.