U.S. Likely to Adopt IFRS: IASB Chair

FASB’s dropping fair-value model eased convergence process, Hoogervorst says.

The U.S. will probably adopt International Financial Reporting Standards, said Hans Hoogervorst, the new chairman of the London-based accounting organization IASB.

The U.S. Financial Accounting Standards Board, which wanted to expand the use of fair-value accounting to all financial assets, has dropped that model and “that has made talking to each other a lot easier,” Hoogervorst told delegates at an IFRS conference in Zurich today.

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