The IASB and the US Financial Accounting Standards Board (FASB) have been working together since 2002 to achieve convergence of IFRSs and US generally accepted accounting principles (GAAP). The convergence project had not been completed until recently. Explain why the development process of international accounting harmonization is difficult and complex. You may refer to the following website for further information.

https://www.iasplus.com/en/projects/completed/other/iasb-fasbconvergence