•  Fourth: Smaller banking companies likely will incur substantial costs and experience great difficulty in applying the new standards. But will financial statement users see any real benefit? •  And finally, the two Boards are planning to exchange views and work products, but are not duty-bound to achieving a single converged standard.
If the approaches are implemented along different timelines in the United States and abroad, they could bring the two sets of standards further apart and possibly incent some governmental bodies to mandate an approach in order to level the playing field.