An article published in The CPA Journal by two of the school’s faculty–Deloitte Professor John McEnroe and Associate Professor Mark Sullivan–has attracted some international interest, with a request for more information and further opinions on the future of GAAP-IFRS convergence coming from Harry Cooper, assistant to European Parliament Conservative member for the UK Syed Kamall.
If possible,” Mr. Cooper wrote, “I would be very interested in hearing your thoughts on where convergence is headed, if anywhere, what impact convergence has had on the development of certain standards, . . . and several other issues.”
The article–“The Rise and Fall of the US-GAAP Convergence Movement”– appeared as the lead article in The CPA Journal, in january 2014. In it, Profs. McEnroe and Sullivan outlined the progress to date of the convergence movement (as well as a quick overview of the cast of characters), concluding that GAAP-IFRS “comparability,” not actual convergence, may be the final outcome.
Nonetheless, they conclude, the effort has proved beneficial, mainly due to the close examination of both sets of standards, and under “an objective microscope,” fostering extensive international research of the main issues, and especially the extensive cooperation and collaboration between, basically, the US and the rest of the world.