Given the recent changes in the international sector, along with the similarities in the conceptual frameworks of the FASB and IASC, the relatively swift convergence of US GAAP and International Accounting Standards is a distinct possibility. This article contends convergence is possible, and reviews 3 key areas that could hinder or foster it: 1. the general organization, in terms of form and topical content, of the frameworks, 2. a significant pervasive difference between the frameworks, and 3. specific differences within the major topical areas of the frameworks.
Campbell, Jane E., Heather M. Hermanson, and John P. McAllister. "Obstacles to International Accounting Standards Convergence." The CPA Journal 72.5 (2002): 20,20-24