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November 22, 2010

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IFRS

Could you please guide regarding the difference between convergence with IFRS and Adoption of IFRS. Are these terms different or can they be used interchangabiy

Tom Selling

I use the term "IFRS adoption" to mean that U.S. companies would have to comply with IFRSs as issued by the IASB. Convergence would mean that U.S. companies would still have to comply with U.S. GAAP, but U.S. GAAP would become more similar to IFRSs.

I hope this helps.

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