PART II: IFRS or Standards Convergence?

When it comes to the adoption of global standards, there’s nothing new about the notion of “convergence,” according to D.J. Gannon, Partner, Deloitte & Touche LLP. The key question for the SEC and policy makers is whether we adopt IFRS, or continue down the “convergence path.” Gannon points out that the path to convergence has at times led U.S. GAAP and IFRS to part ways as it relates to certain standards – a worrisome development he asserts.