In supporting convergence between IFRS and U.S. GAAP, the Commission has recognized that progress could result in IFRS and U.S. GAAP co-existing and even freely competing in U.S. capital markets. This commitment to convergence has meant that issuers, markets, and investors will someday have a choice — because they, not the government, will decide between IFRS and U.S. GAAP.

Christopher Cox, July 2007
SEC Chairman