U.S. "Will Be The Outlier" Without IFRS

"IASB member John Smith tells a European audience that "it is in the interest of the United States to adopt IFRSs in the next five years...

The United States will pay a high price for failing to adopt International Financial Reporting Standards within the next five years, an international accounting rulemaker told a European Commission conference audience last Thursday. "I believe it is in the interest of the United States to adopt IFRSs in the next five years," International Accounting Standards Board member John Smith told attendees at a conference in Brussels last week organized by the European Commission. Noting that Brazil, Canada, China, India, Japan and Korea are committed to adopting IFRS, and the European Union already using IFRS, Smith said "the cost to the United States of failing to adopt IFRSs will be high"..."
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Source: CFO