Week 4 Discusion 1

 Though there are no signs USA will be fully adopting IFRS any time soon, there has been good progress towards convergence of some important standards. Pick up any one of the several converged standards like revenue recognition or Lease accounting and discuss how the converged standard is different from the original one and how it impacts US companies. Do you think convergence of a few standards is going to achieve the goal of worldwide standardization of accounting practices?