The FASB and IASB are working on converging U.S GAAP and IFRS into a single reporting system. Currently, the SEC accepts IFRS financial statements from non-U.S companies, while requiring U.S GAAP from U.S companies. Comment on the difficulties faced by financial analysts who analyze financial statements to assess the financial condition and performance of companies. Consider, for example the plight of an analyst in the pharmaceutical industry who must assess and compare the financial performance of giants Novartis (a Swiss firm using IFRS) and Johnson $ Johnson (a U.S firm using U.S GAAP).