This paper presents a simple strategy to compensate the distorted currents synthesized by a grid-connected voltage source converter due to dead-time, turn-on and turn-off time delays of the semiconductor switches. The algorithm consider only the polarity of the fundamental component of the currents flowing through the converter terminals and the values of the time delays and voltage drops supplied by the manufacturers to the semiconductors devices. The presented compensation belongs to the group classified as average value compensation technique methodology since it does not change the pulse pattern of the converter's semiconductor switches. A simplified mathematical description of the effects caused by these unwanted time delays is presented and used to derive a correction factor to be added, in real time, to the converter output controller in order to compensate for its terminal voltages. The asymptotic stability and robustness of the proposed methodology is investigated redrawing the converter current controllers, designed in dq-reference frame, as proportional-resonant ones, in the abc coordinates, and adding the effect of the compensating signal in the feedback loop using the concept of describing function. In addition, the minimum value of the DC bus voltage necessary is also evaluated to ensure the operation of the converter in the linear modulation region when the compensation algorithm is active. Experimental results are presented to validate the theoretical analysis and to demonstrate the effectiveness of the proposed strategy for three different operation conditions of a grid-connected converter: (i) active power injection; (ii) active power consumption and (iii) reactive power support.