Will IFRS eventually overtake U.S. GAAP accounting standards?

CFO.com in its article “No New Accounting Rules for Three Years?” reported that IFRS adoption in the U.S. was a recurring theme at a recent public forum held by the Financial Accounting Standards Board — and with that discussion came mention of a surprising idea.

FASB believes that U.S. GAAP will be eventually be replaced by IFRS. As a first step, SEC has already eliminated the reconciliation requirement of the IFRS prepared statements to U.S. GAAP. IFRS is the process to be adopted by over 100 countries around the world.