In conclusion, we continue to believe in the long-term vision of a single set of consistently applied, high-quality, globally accepted accounting standards. However, acceptance of an outright move to international standards is off the table, at least for now. In the meantime, the FASB and IASB should focus on improving the quality of their standards while, if possible, avoiding the introduction of differences in areas that are converged between IFRS and US GAAP.