Differences between financial reports can lead to difficulties for the users of these reports. IFRS and US-GAAP are the two most used sets of accounting standards in the world, but there are many differences between them. There is an on going convergence project to remove these differences, but this is a long-term process and there are a lot of obstacles to achieve complete convergence between them.The purpose of this study was to examine how IFRS and US-GAAP have been converged, and if any major differences still exists between the two sets of standards.The research was limited to the areas of business combinations, fair value, leasing, financial instruments,and revenue recognition.In this study an inductive approach with aqualitative method was used to conduct the research.The presented theory concerns what IFRS and US-GAAP are, and what the sets of standards are based on. Theory about why differences in accounting standards exist is also presented, as well as theory about harmonization of accounting standards.Empirical material from IFRS and US-GAAP were collected and analyzed to find any differences, and how these have changed over time.The material consists of regulations in IFRS and US-GAAP, both in the current form as well as in the form they had before the process of converging the different standards began.The conclusion reached is that IFRS and US-GAAP have been converged to a great amount with each other, and many major differences that previously existed in certain standards are not present anymore. In some regulations the two sets of standards even share the exact same wording. But some differences between them still exist, mainly in the accounting of business combinations and financial instruments.Overall, the regulations in US-GAAP have become more principle-based than before the convergence project began. This convergence will aid in the process of comparison between the two sets of standards, as well as provide better and more relevant information for decision making.