Briefly discuss the differences between (a) Convergence of U.S. GAAP with IFRS and (b) Adoption of IFRS

Question:

Briefly discuss the differences between
(a) Convergence of U.S. with IFRS and
(b) Adoption of IFRS by the U.S. Securities and Exchange Commission.

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...