The convergence of U.S. Generally Accepted Accounting Principles (U.S. GAAP) and International Financial Reporting Standards (IFRS): The FASB is working to address the need for more consistent, transparent and converged financial accounting standards across the world. For the past ten years, the FASB has been collaborating with the International Accounting Standards Board (IASB), the body responsible for the development of International Financial Reporting Standards (IFRS), to reconcile fundamental differences between U.S. GAAP and IFRS. The FASB’s goal remains improving the quality of financial reporting in the U.S. while advancing global comparability of financial reporting