International Financial Reporting Standards (IFRS) and US generally accepted accounting principles (US GAAP) continue to move towards convergence. The SEC expects to make a determination in 2011 regarding incorporating IFRS into the financial reporting system for US domestic issuers. Despite the uncertainty regarding the use of IFRS in the United States, ultimately it is expected that the United States will adopt IFRS. This HRS insight highlights the similarities and differences between IFRS and US GAAP related to accounting for compensation and benefit arrangements. While this insight does not cover every difference in these areas, it focuses on those differences considered to be most significant and/or most common.