MSN reports (from the FT) that:
The US Securities and Exchange Commission has raised the unexpected possibility of US companies being allowed to file their accounts in line solely with international accounting standards, not US rules - creating the hope of a genuine global accounting benchmark
No, in that case why do we need the new IFRS 8 which is in fact pure US GAAP and quite inconsistent with European GAAP?
More than that though, if this is the case, if a revised IFRS 8 did include country-by-country reporting this would now be globally relevant. The benefits to all those concerned with transparency, accountability, fair trade and tax compliance would be considerable. What is more, shareholder risk would be reduced considerably.
Maybe, just maybe there are signs for hope.