<P> The goal of and various proposed steps to achieve convergence of accounting standards has been criticised by various individuals and organizations . For example, in 2006 senior partners at PricewaterhouseCoopers (PwC) called for convergence to be "shelved indefinitely" in a draft paper, calling for the IASB to focus instead on improving its own set of standards . </P> <P> In particular, Shyam Sunder of the Yale School of Management has called the link between convergence and comparability "overblown", while the cost and pace of adoption have been cited as the most common criticism of the SEC's 2008 convergence roadmap, which set milestones that potentially lead to mandatory adoption of IFRS in 2014 . </P> <P> Other criticisms center around the nature of the converged standards . For example, some critics are concerned that convergence will increase the use of fair value accounting . </P> <P> Other critics have also respectively cited shortcomings with rules - based and principles - based standards as reasons . Principles - based standards allow for "different interpretations for similar transactions", and have also been described as "less precise", while rules - based standards contain more exceptions and use bright - line rules and specific details to deal with "as many potential contingencies as possible". The above - mentioned PwC senior partners expressed that convergence will lead to an accounting system that is too rules - based for non-US listed companies, while other critics conversely criticize the principles - based nature of the IFRS as making it difficult for preparers of financial statements to defend against litigation . </P>

Discuss the position of the united states in relation to adoption and convergence