International Convergence: US GAAP likely to merge with IFRS

There's a big possibility that FASB known as Federal Accounting Standards Board will merge with IFRS in the year 2016. This move was likely possible because of globalization. More countries are now supporting the International Financial Reporting Standards including Japan, Korea, Vietnam, and Canada. The debate goes on as US companies and constituents are not supporting the International accounting due to transitioning cost which will require US companies to restructure their financial reporting system and worried that IFRS which is established by European countries have its own system may likely to be more favorable to them although true to its commitment and goals that is toward to unified accounting system across the world. On the other side, US GAAP is also towards to a better and quality financial reporting but it is based on its own economy, politics, and culture. For example, the conflicting view of IFRS and US GAAP in the inventory valuation. IFRS does not allow to use LIFO in the inventory valuation as opposed to US GAAP which is an option for a company to use this valuation method. However, there will be an update regarding this international convergence in the latter of the year 2013 or beginning 2014.