Why the issue of convergence should remain on backburner

Commentary feature. The financial system would be better off if convergence was left on the backburner, and the emphasis reverted to truly high-quality accounting to meet the needs of capital providers. If IFRS become the superior standard, the US will adopt it. But breaking the vicious circle would require more vision and leadership than the main players seem able to display. The crisis has been a harsh test for international accounting standard-setting, and the next steps are likely to lead further downhill.