The International Accounting Standards Board (IASB) has published for public comment an exposure draft of draft guidance on fair value measurement.

In a national survey of CFOs and senior comptrollers conducted by Grant Thornton LLP, the U.S. member firm of Grant Thornton International Ltd, half believe that U.S. companies should be permitted to use IFRS, instead of U.S. GAAP, in financial statements filed with the SEC, while half disagree. "It appears that finance professionals have begun choosing whether they want to be in the pro-IFRS or anti-IFRS camp," noted Gary Illiano, Grant Thornton's national partner in charge of International and Domestic Accounting, "and it's pretty evenly divided.

Robert Herz, FASB chairman, estimated this week that a convergence of U.S. GAAP with the International Reporting Standards (IFRS) would not occur for 10 to 15 years, the Ohio Society of CPAs is reporting.

The U.S. accounting profession increasingly believes that international accounting standards will be implemented in the U.S. and is beginning to prepare for a change in standards, according to a recent survey conducted by the American Institute of Certified Public Accountants.As the U.S. Securities and Exchange Commission moves toward adoption of international accounting standards in place of U.S. generally accepted accounting principles now used by some 11,000 publicly traded companies, a growing majority of U.S.