US hints at IFRS adoption by late 2012

Indications that the US plans to adopt International Financial Reporting Standards (IFRS) earlier than expected have been welcomed by accounting bodies in north America.

This follows the International Accounting Standards Board (IASB) meeting in London on 20 February, where SEC chief accountant James Kroeker indicated that the US standard setter is likely to press for IFRS adoption within months, rather than years.