Discuss the plan for convergence of the U.S. GAAP in regards to the statement of net income, which includes the multiple and single step income statement formats with IFRS.

In this standard, the U.S. GAAP has single step and multiple step income statement formats that combine revenues and gains and all expenses and losses. Multiple step income statement formats report numerous important performance measures before calculating income from continuing operations and net income. This also includes gross profit, operating income, income before tax, income from continuing operations, net income and earnings per share.

If the standard is not converged, discuss the plan for and/or obstacles to convergence.

If the standard is converged, discuss the rationale behind any remaining differences between the two sets of standards