Few oppose the move toward an international accounting standard, though problems, of course, arise in sorting out the details.

FORBES: Magazine Article

Instead, the SEC would like to move toward a single international accounting standard.

FORBES: Magazine Article

And third, the fact that in a few years' time we shall all have to comply with an international accounting standard, the shape of which is not yet finally determined.

BBC: Peter Thompson's speech

The goal of developing a single international accounting standard is not entirely new--in fact, it dates back to 1973, when the International Accounting Standards Committee (now the International Accounting Standards Board) developed a set of standards to be used worldwide.

FORBES: Going Global With Accounting

The International Financial Reporting Standard Foundation (formerly the International Accounting Standards Committee Foundation) is the governing body of the International Accounting Standards Board that sets accounting standards for much of the world.

FORBES: Have They Pushed the Self Destruct Button at the International Financial Reporting Standard Foundation?

While the study suggests that confidence in the standards will improve with familiarity, as investors and analysts educate themselves the debate will move to the standard-setting process as well as the governance of the International Accounting Standards Board.

FORBES: U.S. Exceptionalism and Accounting Standards: Investors' Viewpoint