The FASB and IASB issued a joint Memorandum of Understanding that outlines the desired goals and focus areas for convergence standards.  The memorandum outlined 11 areas of focus:

1. Business Combinations
2. Consolidations
3. Fair Value Measurement Guidance
4. Liabilities and Equities Distinctions
5. Performance Reporting
6. Post Retirement Benefits (including Pensions)
7. Revenue Recognition
8. Derecognition
9. Financial Instruments
10. Intangible Assets
11. Leases

One of the points emphasized is that the convergence program is not interested in simply picking one standard over the other, but rather to assess areas where improvement is needed and generate new standards that better serve investors and other relevant stakeholders.  The full text of the Memorandum is here.