US considers joining IFRS club

The US is the missing piece of the jigsaw for international financial reporting standards, with 100 countries now using IFRS in some form. John White, director of the Division of Corporate Finance at US regulator the SEC, in the edited speech below tackles the resistance to move away from US GAAP and gives his view on how the US can influence the development of IFRS and why it is the right time to sign up

Since early this year, the US GAAP reconciliation is no longer required in foreign issuer filings with the SEC when the issuer asserts, and the auditors agree, that the financial statements are in accordance with IFRS as issued by the IASB. Even though there was little fanfare, I cannot emphasize enough the significance and the historic nature of this action.