Charles D. Niemeier, a prominent critic of the proposed U.S. transition from Generally Accepted Accounting Principles to International Financial Reporting Standards, has announced that he will leave the Public Company Accounting Oversight Board. He said in a speech last September that moving to IFRS would be setback both for business and the U.S. regulatory system. "We have the lowest cost of capital in the world. Do we really want to give that up?" he told a meeting of the New York State Society of CPAs.