Over the years I got very used to family and friends telling me they had no idea what I do for a living. When I applied for audit roles at accounting firms they also didn't know where I fit!
The convergence between U.S. GAAP and IFRS will put an end to the LIFO method of inventory valuation. The result will be tax implications for many companies, but also a more accurate representation of costs.
IFRS and GAAP Convergence has been a big issue in the Accounting world. Here are a few reasons why it won't be realized any time soon.