"The AICPA supports the goal of a single set of high-quality, comprehensive accounting standards to be used by public companies in the preparation of transparent and comparable financial reports throughout the world," Charles E. Landes, vice president for professional standards and services at the AICPA, told the Senate Banking Subcommittee on Securities, Insurance and Investment.

The Securities and Exchange Commission is weighing whether to allow U.S. firms to report financial results using international standards (IFRS) rather than generally accepted accounting principles (GAAP). This concept release by the SEC comes on the heels of a proposed rule that would allow foreign companies filing with the SEC to use IFRS without reconciling to U.S. GAAP.

Landes said the Financial Accounting Standards Board and the International Accounting Standards Board have made strides in harmonizing accounting standards already, and the SEC is taking a leadership role.

"The debate or question should no longer be whether we move to convergence of high quality accounting standards, but how soon we can accomplish convergence," Landes said.