Read the very brief Norwalk Agreement to fully understand the agreement between the FASB and the IASB.

What does accounting standard convergence mean in this context?

As of today, which countries have adopted IFRS? Which, if any, countries are on the verge of adopting IFRS?

Create a list of FASB accounting standards that have been converged with IFRS. State the FASB topic name and ASC number $($ex$.$ Standard topic name: ASC XXX$-$XX$-$XX$-$X$).$

Which FASB accounting standard$($s$)$ are next in line to converge with an IFRS standard?To answer this last question, you need an understanding of the difference between a rules$-$based and principles$-$based accounting system. Investopedia provides an adequate explanation in this article: How Are Principles$-$Based and Rules$-$Based Accounting Different?

Which system does FASB prefer?

Which system does IFRS prefer?

How does convergence impact FASB's and IFRS' preferences?