If US companies are required to use international accounting standards, it will effectively create a single set of standards used around the world by taking away the one system - US GAAP - with the influence and significance to challenge the international rules.

According to the Securities and Exchange Commission, which has proposed a roadmap for companies to transfer to the new international financial reporting standards, the move would integrate the world's capital markets by providing a common high-quality accounting language, and increase confidence and transparency in financial reporting.