The objective of convergence between IFRS and U.S. GAAP is no longer a priority for the IASB.

Question:

The objective of convergence between IFRS and U.S. is no longer a priority for the IASB.
Required:
Discuss the possible reasons for, and the consequences of, the IASB's above decision.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...