The drive to converge accounting standards globally seems to be hitting some unexpected snags, not only in the U.S., but other parts of the world.
A
The upcoming G20 summit next month could be a crucial chance to get the convergence effort back on track, especially for the U.S., but it could also lead to further pressures as politicians seek to exert more influence on accounting standards to deal with the financial crisis and steer their local economies toward recovery.
International standards are coming face-to-face with political realities, and its not a pretty sight.