US GAAP and the IFRS . The short-term convergence projects aim at addressing differences that meet the criteria for inclusion in the project scope . Issues that require deeper and more comprehensive considerations will use other types of convergence projects over a longer term of cooperation . The projects are divided into phases . Each phase discusses several areas and several issues within those areas . For example , in May 22 , 2006 , the FASB addressed five areas : inventory costs , asset exchanges , accounting changes , earnings per...











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