Accounting Today reported that FASB chair Leslie Seidman and IASB chair Hans Hoogervorst appeared together at an American Institute of CPAs conference to discuss what went awry in U.S. support for International Financial Reporting Standards.

The article quoted Hoogervorst as saying, “Over 100 countries now use IFRS, including three quarters of the G20…. Of course, there is one country sandwiched between Mexico and Canada that has yet to commit.”

Seidman countered that U.S. preparers require detailed guidance on applying the standards, while the principles-based standards of IFRS are often open to interpretation, Accounting Today reported.

To read the full Accounting Today article click here.