US GAAP - No Convergence with IFRS?

On July 13, 2012, SEC released a report (also known as Work Plan for the Consideration of Incorporating International Financial Reporting Standards into the Financial Reporting System for U.S. Issuer). The report discusses the many issues of the US to converge with international accounting standards including expense concerns and the US GAAP wide outreach in many existing US laws and regulations. The report, however, did not specify any decision yet by the SEC. The potential withdrawal of the US of a plan to converge with the IFRS may put a damper on a universally recognised accounting standards. More detailed review of the report can be found in many accounting journals and websites including CFO.com, Journal of Accountancy and many others.