The topic of this masters thesis relates to the current approach between IFRS and US-GAAP. More precisely, it is about the convergence between these two international accounting standards and the adoption of IFRS in the USA. In the beginning of this thesis definitions and an explanation of the organizational structure of the standards, which are necessary for understanding the thesis, can be found. Due to the globalization and the internationalization of markets, the international comparability of financial statements becomes more and more important, thus a cooperation between these two seems unavoidable. In 2002, the IASB and the FASB developed a convergence project, which aimed at providing a common set of high quality global standards. One of the biggest milestones, if not the biggest, was the recognition of the IFRS for foreign companies in the USA through the SEC in 2007. The SEC even thought about adopting the IFRS for all US issuers, which has not been realized yet. Not only the recognition of the IFRS has a big impact, but also the financial crisis. The Fair Value Measurement and also the quality and comparability of the financial statement have been criticized. This criticism has not been confirmed by studies. Although a set of high quality global standards will still take quite some time and IFRS adoption in the USA seems unrealistic, further cooperation between IASB and FASB is essential.