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.
"We still have quite a few things to resolve, but I'm positive about the outcome," Hoogervorst, a former Dutch finance minister, said in his first public speech since taking over from David Tweedie as chairman of the International Accounting Standards Board on July 1.
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