The US's top financial decision-makers throw their weight behind full convergence to international financial reporting standards.
US Federal Reserve chairman and the treasury secretary have made their strongest commitment yet to switching to international financial reporting standards to replace US GAAP.
Ben Bernanke and Henry Paulson spoke out on Thursday in support of efforts to move toward IFRS with the aim of attracting more foreign companies to the US.
'There are different accounting regimes that have different standards and different requirements. That doesn't make them worse than ours,' Paulson told lawmakers during a House Financial Services hearing on financial regulation, Reuters reported.
See full Article.
Posts
