The announcement made in June 2010 by the IASB and FASB on their convergence strategy is welcome, also because time lags in implementation are considerable. If the SEC decides in 2011 to incorporate IFRS into the US domestic reporting system, this would mean that US issuers would potentially not actually report under these rules until 2015 or 2016.
Moreover, even though many attempts are underway, in key accounting areas there are still divergences to be addressed. For example, the accounting for financial instruments still diverges considerably between the IASB and FASB on the role of market valuation.