This is the first contrary opinion I've seen on this topic. Everyone else seems to think the International Financial Reporting Standards ("IFRS") are the greatest thing since sliced bread.
There is general agreement that US GAAP is pretty good but could stand to be improved. Lately it seems that "improvement" takes the form of very complex new standards that are designed to conform to IFRS principles.
One way or the other, the US will adopt IFRS. Will it happen during Obama's first term in office (this isn't a prediction on whether there will be a second) - no. But the following term of office is very likely.