Sir David Tweedie, chairman of the International Accounting Standards Board, is quoted as saying that the IASB and the FASB will eventually merge. 'U.S. standards and ours will become so close that it will be senseless having two boards, and they will merge eventually... Ultimately, it doesn't make sense having two standard setters producing the same standards."1

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U.S. companies must use U.S. GAAP in their financial statements, not IFRS. Why should U.S. accountants, analysts, and others involved in financial reporting need to know about IFRS? 1 L. Bolton. -IASB and FASB Will Eventually Merge, Says Tweedie," Accountancy Magazine (October 2005): 6.

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Increasing acceptance of IFRS around the world is calling for acquiring knowledge about these standa... View the full answer