The FASB and IASB are attempting to converge and enhance the conceptual framework that guides standard setting, however the differences between U.S. GAAP and IFRS greatly outweigh the similarities.

Question

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The FASB and IASB have been working towards convergence, and while there are differences between U.S. GAAP and IFRS, there are also significant similarities, especially in the conceptual framework and principles.

The FASB and IASB Are Attempting to Converge and Enhance