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Convergence means that the U.S.

Financial Accounting Standards Board (FASB)


and the IASB would continue working together to develop high quality,
compatible accounting standards over time. More convergence will make
adoption easier and less costly and may even make adoption of IFRS
unnecessary.
There were reports that US might adopt IFRS in the year 2015. However, the
latest news is that the prospect of International Financial Reporting Standards
(IFRS) being fully adopted in the United States in the near future are growing less
likely, as the Financial Accounting Standards Board (FASB) and the International
Accounting Standards Board (IASB) continue to move away from full
convergence of their standards. While the future of convergence remains in
question, the three remaining MoU projects - financial instruments, revenue
recognition, and leasing - are moving forward.
2b)

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