Which of the following statements most accurately reflects the approach the FASB and IASB have identified for reaching convergence of U.S and international accounting standards?

1. Convergence will be achieved primarily by modifying FASB standards to conform with IASB standard.
2. Convergence will be achieved primarily by modifying IASB standard to conform with FASB standards
3. FASB ad IASB will create new standards rather than trying to eliminate differences between standards that are in need of significant improvement.
4. FASB and IASB will try to eliminate differences between standards by eliminating differences between existing standards of the tow standard-seating bodies that can be easily resolved and will then work jointly on more complex issues.