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What is the difference between adoption and convergence?

April 26, 2017adoption convergence difference

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What is the difference between adoption and convergence?

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The adoption of IFRS means that the Securities and Exchange Commission (SEC) sets a specific agenda when publicly listed companies would be required to use IFRS. Convergence is the U.S. Financial Accounting Standards Board (FASB) and the International Accounting Standards Board (IASB) working together to develop well-matched accounting standards over time.