Short Answer

Briefly discuss the convergence efforts that are under way by

the IASB and FASB in the area of dilutive securities and
earnings per share.

The FASB has been working on a standard that will likely

converge to iGAAP in the accounting for convertible debt.
Similar to the FASB, the IASB is examining the classification of
hybrid securities; the IASB is seeking comment on a discussion
document similar to the FASB Preliminary Views document:
“Financial Instruments with Characteristics of Equity “. It is
hoped that the boards will develop a converged standard in this
area. While U.S. GAAP and iGAAP are similar as to the
presentation of EPS, the Boards have been working together to
resolve remaining differences related to earnings per share
computations.