An expert opinion of the current status. Why is the convergence meeting so much difficulty? Read some of the issues being addressed or perhaps not being addressed well.
Excerpt: Much has been written and debated about the growing complexity and technical demands of accounting standards, financial reporting, and disclosures. It has gotten to the point where many otherwise capable accountants are not confident that they can apply the new requirements without outside assistance from subject matter experts.
This is happening at a time when, in the financial reporting environment, there has been heightened sensitivity and attention given to accounting and financial reporting. Users of financial statements have also expressed concerns with the volume of information required to be disclosed—it makes it difficult for them to discern what is really relevant and important to an individual company. They can’t adequately decipher what factors really drive the company’s performance.
Read full article via Disclosures: A return to relevance. From AICPA