the story unfolding, page-49

That's incorrect. The convergence project has been ongoing for 12 years and although IASB and FASB are getting close to an agreed proposed framework they are still in negotiations and it is still a fair way off away from being implemented.

There is also the new IFRS lease standard exposure draft out (242) a little while ago which had significant changes from the prior standard, although most of big four firm's position on its implementation is that it is now on hold and that they are going back to the drawing board. The earliest they estimate something in concrete coming out would be 2017/2018.