The U.S. uses Generally Accepted Accounting Principles (GAAP), which are deemed to have a relatively high standard.

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But because U.S. banks and merchants have stuck to cards with magnetic strips, they are still accepted around the world.

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The prospects and desirability of convergence between U.S. Generally Accepted Accounting Principles (GAAP) and International Financial Reporting Standards (IFRS) have been much debated, but the SEC has not yet decided whether and how to proceed.

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