Adopting IFRS would benefit the United States’ economy, the new chairman of the International Accounting Standards Board (IASB) said July 29 during his first official visit to China.
Speaking to a gathering of the Ministry of Finance’s Accounting Regulatory Department in Beijing, Hans Hoogervorst said, “U.S. investors invest globally, and U.S. companies seek international capital, and it is in the economic interest of the U.S. to adopt IFRSs,” according to a copy of the speech posted on the IASB website. “IFRSs support economic growth and establish a high-quality level playing field for globalized markets.”
Investors similarly will be able to better diversify their portfolios and benefit from increased comparability, Hoogervorst added.
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