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Hoogervorst talked about the near-completion of the decade-long programme of convergence with the US Financial Accounting Standards Board (FASB), which has delivered improved standards for revenue recognition and leases. He said the joint work on the Revenue Standard had been a success that few would have thought possible 10 years ago, resulting in companies all over the world using the same Standard for reporting their top-line results.
Speaking about the continued expansion of IFRS Standards around the world, Hoogervorst pointed out the encouraging developments in the three biggest Asian economies;
Hoogervorst commented:
For preparers that use IFRS Standards, the world is increasingly becoming a monolingual place. Even for US investors and companies, the replacement of national standards around the world by IFRS is huge progress.
We know that the next several years are unlikely to bring significant progress towards domestic use of IFRS in the United States. Still, there are substantive American interests at stake. IFRS Standards strip out significant costs for American investors, multinational preparers and global accounting networks. More generally, the US has a big interest in a strong infrastructure for the global economy, of which IFRS is an important part.