Convergence as a process is yet to be fully specified
Added sense of urgency => 2005 requirement that listed firms in European Union jurisdictions must use international standards (IFRS) for consolidated reports
US GAAP users in the European Union must use IFRS as of 2007
Recent evidence of political intervention
Current focus: financial instruments, derivatives and hedging
Under what circumstances will the SEC permit non-US registrants to use IFRS without reconciliation?