IFRS and the financial crisis

The Securities and Exchange Commission continues to encourage convergence of U.S. generally accepted accounting principles (GAAP) and international financial reporting standards (IFRS)-despite the fact that IFRS did not stop the current financial crises in Greece, Spain, and other European countries. In fact, one study found that IFRS fair value accounting intensified the impact of the crisis. So why should the United States continue on the path to adopt IFRS?. The authors examine how we've come to this point, the current financial crisis, and where we seem to be going.