US GAAP & IFRS convergence

The FASB and the IASB have announced plans to finalize their priority joint projects relating to revenue recognition, leasing, and financial instruments. Once these projects are complete, we believe that the "era" of convergence will be at an end. Nevertheless, the benefits for investors of eventually getting to consistently applied, high-quality, globally accepted accounting standards are worth the price of some form of continued collaboration between the Boards. Despite the difficulty, as the Boards finalize their agendas for future projects, we believe that they should identify areas to continue working together, and that they should do so in a manner that contributes to the highest quality standards with the least amount of differences.