OBS_VALUE: In 2007, the Securities and Exchange Commission removed the requirement for foreign companies, including foreign banks, to reconcile financial statements using IFRS to US GAAP.  The Commission required IFRS as issued by the IASB without any sort of ongoing endorsement mechanism or suitability test.  But this does not apply to regulatory reporting. Banks are required to use GAAP for regulatory reporting. GAAP standards are established by the Financial Accounting Standards Board and although the FASB and the International Accounting Standards Board have been working toward convergence of their accounting standards, there are significant differences remaining.See also IFRS Jurisdictional profile for the United States:http://www.ifrs.org/Use-around-the-world/Documents/Jurisdiction-profiles/United-States-IFRS-Profile.pdf